AgriNurture to raise capital stock to P2B

LISTED fruit and vegetable grower AgriNurture Inc. (ANI) is set to increase its authorized capital stock to P2 billion from the current P1 billion.

In a disclosure to the Philippine Stock Exchange, the company said the increase would further help “implement the Corporation’s business plans.”

ANI said that as approved by its board of directors, Earthright Holdings, Inc. will subscribe to 250 million common shares of the increase in capital stock at the par value of P1.00.

The aggregate value of the transaction shall be P250 million, with initial payment of P62.5 million and the balance of P187.5 million to be paid upon call by the board, the company said.

Earthright Holdings, Inc., led by Antonio L. Tiu, currently owns 81.17 million shares equivalent to 11.44 percent of ANI’s issued and outstanding shares.

“Further, the increase in the Authorized Capital Stock is in preparation for the Stock Rights Offering as approved by the Board the Stockholders on 31 March 2014 and 23 June 2014,” ANI said.

“The conduct of the Stock Rights Offering will be submit Stockholders in the Annual Shareholders’ Meeting scheduled on 26 June 2018,” it added.

AgriNurture is one of the Philippines’ produce exporters. At present, ANI supplies homegrown fruits such as mango, banana and pineapple to customers in Hong Kong, Mainland China, the Middle East and various regions in Europe.