Amid massive volatility in regional stock markets, AgriNurture Inc. (ANI), a leading exporter of fresh, frozen and processed fruits, announced plans to go public this year to raise as much as P1 billion in new capital.
ANI chief executive officer Antonio L. Tiu said the company is tapping the equities market to raise funds for its expansion and brand acquisitions.
The company plans to sell 20 percent of its shares through its initial public offering possibly in the second half of the year. It is hoping to raise between P800 million and P1 billion from the IPO. Tiu said the firm is looking to acquire local brands with a presence in international markets. He declined to identify the target companies as negotiations are under wraps.
“Proceeds from the IPO will be used to improve farming operations and acquire factories and brands,” Tiu said.
ANI (formerly Mabuhay 2000 Enterprises Inc.) currently exports fresh fruits such as mangoes, coconuts, bananas, tamarind and papayas, canned juices, puree, fruit preserves and other agricultural products to various Asian countries, Europe and USA.
It supplies 80 percent of SM Supermarket’s fresh fruits and vegetables.
It is a major exporter of fresh mango to China and Hong Kong.
Tiu said the company is eyeing to hit more than P5 billion in revenues this year as it focuses on new export markets in Europe and Middle East. Plans are also underway to invade Singapore.
ANI, through a joint venture with Primex Coco Products (a major exporter of coconut products in Quezon province,) produces coconut juice in can, coconut vinegar, coconut milk and other beverages.