^

Business

AgriNurture eyes P500 million from rights offer

- Zinnia B. Dela Peña -

MANILA, Philippines - Publicly-listed food exporter AgriNurture Inc. is hoping to raise around P500 million through a stock rights offering to fund acquisitions, a top company official said.

Tony Tiu, chief executive officer of AgriNurture, said qualified shareholders can purchase one share for every one share held as of a record date yet to be determined by the company, for P2.50 each.

Subscribing shareholders shall also be entitled to free warrants at a ratio of one warrant for every two shares acquired from the rights issue. The warrants are of European call option, exercisable after three years, at a strike price of P10 per share.

In its disclosure to the Philippine Stock Exchange, AgriNurture said its directors, officers and stockholders owning more than 10 percent of the outstanding capital stock shall subject the rights shares to a lock-up of 360 days from the date of issuance of the corresponding stock certificates.

Tiu said proceeds from the offering will be used to support acquisitions.

AgriNurture currently exports banana, papaya, pineapple and mango produce to parts of Southeast Asia, Canada, Europe, South Korea and the Middle East. The bulk of its output is shipped to China.       

Aside from the rights offering, the company is also pursuing a planned follow-on offering of 104.7 million shares to raise around P1.5 billion. Proceeds will be used to fund the firm’s expansion program which include facilities for farming, cold storage and wet market operations.

AgriNurture is mandated to undertake an initial public offering a year after its listing by way of introduction on May 25, 2009.

Recently, AgriNurture acquired Hansung Agro Products Corp. for P10 million in line with efforts to boost exports. Hansung is one of the few accredited companies that has the capacity and license to export fresh mangoes to Japan and Korea.

AgriNurture is now into the planting of rice, corn and other high-value vegetables. Since these products are perishable, the company is looking to extend the shelf life putting up cold storage facilities.

vuukle comment

AGRINURTURE

COMPANY

HANSUNG

HANSUNG AGRO PRODUCTS CORP

JAPAN AND KOREA

OFFERING

PHILIPPINE STOCK EXCHANGE

SOUTH KOREA AND THE MIDDLE EAST

SOUTHEAST ASIA

TONY TIU

  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with