AgriNurture buys 49% stake in Chinese commodity firm
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. ”
Zongshan Fucang, according to ANI’s filing, also has investments in rural real estate development, food terminal, cold storage facilities and agri trading platform.
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.
