MANILA, Philippines?Agrinurture Inc. (ANI) became the first firm to list on the Philippine Stock Exchange (PSE) this year, and the first agribusiness firm ever to do so?prompting government and private sector officials to express hopes for an upturn in the equities market.

Company president and CEO Antonio Tiu said ANI?s listing by introduction on the PSE shows that the company is bullish, and that it can ?buck the trend? in the market despite the global financial crisis.

?ANI has high hopes for the Philippine agriculture industry even in a time of crisis,? Tiu said. ?In fact, the industry has not reached its maximum potential.?

ANI listed approximately 178 million shares by way of introduction. Within one year from its listing at the PSE, ANI intends to engage the services of issue managers and underwriters when it offers to the public its primary common shares.

The company estimated that it could raise at least P101.5 million from its primary common share issuance, which will be subject to PSE approval. The proceeds will be used for working capital that will allow ANI ?to be a complete agri-company.?

?This [listing by introduction] is the perfect model for times like this,? PSE president Francis Lim said in a ceremony for ANI before the opening of Monday?s trading.

Listing by introduction does not involve selling shares to the public, and as such, does not raise capital. But it helps establish a company?s reputation since membership in the PSE will help make its finances more transparent and indicate its commitment to good corporate governance practices.

An introductory listing also provides flexibility for future public offerings once the company is ready to raise cash or feels that its shares will be valued fairly by the capital market.

Lim said the local bourse is encouraging more small and medium enterprises to get listed by introduction and is offering assistance in their early years as PSE members.

Companies that operate with at least P25 million in capital can get listed on the small board of the stock exchange.

Lim said the transparency required to be a PSE member benefits the government through better tax collection. At the same time, getting listed gives the PSE members exposure to a bigger pool of potential investors.

Agriculture Sec. Arthur Yap also lauded ANI?s listing, saying, ?It embodies the potential of farming as a business.?

He said the prospect of more agriculture-focused companies following ANI?s cue and getting listed by introduction ?is an exciting prospect.?

Yap said about 10 to 15 agricultural companies fit the requirements for listing in the stock exchange.

Among them are firms dealing in hog production, milling, trading, storage and logistics.