Agriculture trading firm, AgriNurture (ANI), has plans of expanding its business into a corn plantation in Palawan.
Instrumental to this expansion is its partnership with the Bureau of Corrections.
In a regulatory filing, ANI disclosed that its board of directors has already authorized a plan to engage in a joint venture with the Department of Justice through the BuCor.
According to Phil Star, the joint venture is still being negotiated, but it is ultimately for the development of an agri-tourism corn plantation in Palawan, measuring around 2,000 hectares.
ANI will be the one funding the project while BuCor will be providing the land.
AgriNurture, BuCor Conduct Due Diligence
At present, both parties will still conduct their respective due diligence.
Afterward, both will come into a definitive agreement to finalize this transaction.
Completion of due diligence may take place by the first quarter of 2020.
If successful, this proposed joint venture can expand ANI’s business into the core production and agri-tourism sectors.
The company also acquired majority interests in Nutriceutical Food Corp. to improve its market presence and share on China’s organic coconut industry.
Nutriceuticall manufactures, distributes and markets organic foods and other natural commodities. It also engages in the importation and exportation of such products.
Nutriceutical has a wider reach in China.
ANI Divests Interests in Other Companies
On the other hand, ANI divested its interests in certain companies to raise its working capital to fund its present business expansion activities.
It already divested its interests in First Class Agriculture Corp. as well as Lucky Fruit and Vegetable Products, Inc.
Both are fully-owned subsidiaries of ANI.
The company has done well this year. Its net income increased by 32 percent, reaching P107 million for the first nine months.
This was a significant leap from P81 million.
The company experienced higher revenues due to the higher consolidated sales of goods and services between January and September 2019.
Sales reached as high as P3.42 billion, which is equivalent to an increase of 121 percent.
Gross profit at the same time increased by 238 percent, reaching P587 million.
ANI is a known company part of different agri-commercial businesses. At its core is the trading of grains and fresh produce domestically and internationally.
ANI exports home-grown fruits to Hong Kong, China, Australia, and Europe, such as bananas and mangoes, among others.
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