Greenergy acquires stake in agriculture firm | Inquirer Business

Greenergy acquires stake in agriculture firm

Listed firm Greenergy Holdings Inc., which recently unloaded its majority stake in a renewable energy project to fund other “green” ventures, has bought into agriculture company AgriNurture Inc. (Ani).

In a disclosure to the Philippine Stock Exchange, Greenergy said it signed a subscription agreement with Ani for 85,990,533 primary common shares of the agriculture firm at an issue price of P3 a share. That is a total subscription price of P257.97 million.

ADVERTISEMENT

Upon issuance of the shares, Greenergy will acquire 25.92 percent of the total issued and outstanding shares of Ani. Greenergy said the acquisition would be “for the diversification of the portfolio of the company to other green projects.”

Ani is a publicly listed company incorporated in February 1997.

FEATURED STORIES

The agriculture firm has since diversified into various agri-commercial businesses, particularly the export of fresh Philippine carabao mango, cavendish bananas and pineapples under the FCA brand, as well as coconut water under the “La Natural” brand. These comprise Ani’s main export revenue stream.

Ani operates in the Greater China region, Australia and Europe through subsidiaries and joint venture partners.

In the Philippines, Ani operates through its direct and indirect subsidiaries under the so-called farm-to-plate model. Among its units is the First Class Agriculture Corp., which distributes fresh produce to various channels under the FCA brand.

Ani owns canning and tetra packaging facilities in the export processing zone and fruit processing and banana farms in Mindanao. It also engages in rice milling, integrated with micro-financing for farmers in partnership with Chinese agricultural firm Beidahuang.

The business headlines in under one minute

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: ‘‘green ventures’’, Agriculture, Agrinurture Inc., Business, greenergy holdings inc.
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.