PUBLICLY LISTED Agrinurture Inc. (ANI) is poised to snag a $10-million investment from a ?big foreign fund? before proceeding with a follow-on share offering in the fourth quarter of this year.

The foreign investor is reputedly focused on ?developmental projects,? ANI president and CEO Antonio Tiu told reporters on the sidelines of the launch of Beidahuang Philippines.

?We?re just waiting for the anchor investor to confirm and then we will proceed with our follow-on offering,? he said.

Beidahuang Philippines is a 60-40 joint venture in favor of ANI, with China?s Beidahuang Seed Group as partner.

The joint-venture firm, which will develop and sell hybrid rice seeds in the Philippines, is also being considered for listing in about two or three years, Tiu said.

The big-ticket investment may be make through a mix of equity and convertible bonds.

While Tiu said the valuation of the investment could not yet be determined, it would not likely entitle the investor to a board seat.

Aside from the $10-million private placement, ANI disclosed this week that it received a P60-million private placement from existing shareholders. Tiu said the funds would help the company expand its mango business.

ANI also acquired a vapor heat mango treatment facility from Donn Drake Daniel Cotoco, another investor of ANI. The company said in a separate disclosure that it intends to pay for the P37.17-million facility by issuing to Cotoco about 2.65 million primary shares at P14 per share.