MANILA, Philippines – Fruit and vegetable processing company AgriNurture Inc. (ANI) has disposed of its shares in AgriNurture HK Holdings Ltd. worth $2.5 million (roughly P117 million) as it shifted its focus on its operation in China and in the local market.
“AgriNurture Inc. wishes to inform the investing public that its wholly-owned foreign subsidiary AgriNurture HK Holdings Ltd. entered into an agreement for the sale of the entire interest of ANI HK in its wholly-owned subsidiary, Freshness First Ltd. Pty, in favor of Organic Path Ltd.,” the company said in its disclosure to the Philippine Stock Exchange.
Freshness First is part of the Australian operations of the ANI Group and is primarily engaged in the business of processing fruits and vegetables.
The divestment in the Australian entity means current ANI management is focusing on its core business in the Philippines and Greater China operation.
“The said divested asset will further reduce liabilities. This will free up more resources for growth of the core business of ANI locally and improve the balance sheet ratios of the company,” it added.
The divestment was concluded last Dec. 11 among the parties.
Organic Path will be solely responsible for the payment of any previous earn-out due to the original shareholders of Freshness First.
The ANI board also announced the appointment of veteran Dutch investment banker Ernst Jan Kruis as representative of Solveigh fund that bought out Black River’s stake in ANI.