MANILA, Philippines - AgriNurture, Inc. (ANI) has signed a memorandum of under-standing (MOU) with Saudi-based Far East Agricultural Holding Corp. (FEAHC) and the Philippine Agricultural Development and Commercial Corp. (PADCC) to jointly develop 20,000 hectares of farm lands as well as idle lands for the production of bananas, pineapples, rice and corn.
The partners will also build processing facilities.
In a disclosure with the Philip-pine Stock Exchange (PSE), ANI said their production will be prin-cipally for export, with priority to countries in the Middle East.
FEAHC is a joint venture among 10 Saudi Arabian companies.
PADCC, the entity designated by the Department of Agriculture to lead the facilitation of invest-ments in farmlands and idle lands in the Philippines for agribusiness ventures, will identify several parcels of land (with focus on farmlands and idle lands in Mindanao) for long-term use as banana, pineapple, rice or corn plantations as well as the construction of processing facilities therein.
In its disclosure to the PSE, ANI asked to be exempted from providing a copy of the MOU to the bourse because “the MOU, including the terms and conditions contained therein, is subject to confidentiality restrictions.”
According to ANI, “considering that the MOU is a private agreement among the parties, we respectfully request that the company be exempt from providing a copy thereof to the Securities and Exchange Commission.”
In earlier reports, FEAHC reportedly plans to invest close to P6 billion over a three-year period for its agribusiness venture in the Philippines.