| PHOTO: Official facebook page of AgriNurture, Inc.
Australian company Freshness First Pty. Ltd. is now a fully-owned subsidiary of listed firm AgriNurture, Inc. (ANI) almost five years after the latter initiated the acquisition.
ANI first announced the deal in October 2018 as part of plans to expand business operations in Australia through the acquisition of existing companies.
In a regulatory filing on Monday, ANI said it acquired Freshness First for “the sum of AUS $1.00 (1 Australian dollar = P36.63).” As of Dec. 31, 2022, ANI had made a deposit amounting to P27.82 million to acquire a majority stake in Freshness First.
Incorporated in 2012, Freshness First is engaged in the business of trading fresh and processed fruits and vegetables in Queensland and nearby New South Wales.
Freshness First’s operations are currently conducted through 100-percent owned and controlled subsidiaries BSK Pty. Ltd. via the Field Cuisine brand and Michsul Pty Ltd.’s Bou Samra Fruits & Vegetables brand.
It recorded revenues of 12.8 million Australian dollars (P468.87 million) as of July this year which, according to ANI, “is slightly over during the same period last 2022.”
Freshness First recorded gains amid challenges brought about by the pandemic and a major Brisbane flood in the early part of last year.
Merger plans
ANI earlier said Freshness First was eyeing to merge with two or more larger players with existing processing capacity to create synergies and develop value-added processing ability for the whole and processed fruit and vegetables market in Queensland.
“The consolidation would result [in] a market leader delivering whole and processed fruit and vegetables to the wholesale and commercial market sectors across South East Queensland and creating a true alternative to supply corporate customers for ‘bulk’ processed products,” it added.
Incorporated in 1997, ANI’s business is organized into two groups: Philippine operations (focusing on export, local distribution and retail and franchising) and foreign operations (mainly fruits and vegetables trading in Hong Kong and China).
ANI’s net profit slumped by 86 percent to P9.21 million in the six months ending June from P65.55 million in the same period a year ago due to an increase in expenses and change in fair value of biological assets. Revenues were relatively flat at P1.89 billion. INQ