AgriNurture buys 49% stake in Chinese commodity firm | Inquirer Business

AgriNurture buys 49% stake in Chinese commodity firm

/ 12:30 AM October 12, 2016

AgriNurture Inc. (ANI) said it had acquired for P308 million a significant stake in a Chinese firm engaged in the trading of rice and other food commodities, in a bid to firm up its foothold in mainland China.

In a statement, ANI said it had bought out the rights and 49 percent interest of a certain Liang Shun-ming in Zongshan Fucang Trade Co. Ltd.

In a report to the Philippine Stock Exchange, ANI described the Guangdong-based Zongshan Fucang as “a major rice and fruit trader. ”

Article continues after this advertisement

Zongshan Fucang, according to ANI’s filing, also has investments in rural real estate development, food terminal, cold storage facilities and agri trading platform.

FEATURED STORIES

The mainland company also indirectly owns 51 percent of Xuzhou Shengmei Century Property Co. Ltd., which has rural real estate development in Jiangsu province, valued at about P1.4-billion.

ANI reported a net income of P7 million in the first semester of 2016, suggesting a turnaround from a P38.5-million net loss in the same period last year.  For the full 2015, it incurred a net loss of P463 million.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

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

TAGS: Agrinurture, Business, economy, News

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

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

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.