AgriNurture ties up with BuCor for corn plantation in Palawan

MANILA, Philippines — Agriculture trading firm AgriNurture Inc. (ANI) is expanding its business through a partnership with the Bureau of Corrections for a corn plantation in Palawan.

In a regulatory filing, ANI said its board of directors has approved the plan to negotiate and enter into a joint venture with the Department of Justice through the BuCor for the development of an agri-tourism corn plantation in Palawan.

This involves the development of about 2,000 hectares of property into an integrated farm tourism area.

ANI will fund the development while BuCor will provide the land.

Both parties will conduct their respective due diligence, after which a definitive agreement will be entered into to finalize the transaction.

Due diligence is set to be completed by the first quarter of 2020.

The proposed joint venture is intended to expand ANI’s business through corn production and agri-tourism.

In separate disclosures, ANI also acquired majority interests in Nutriceutical Food Corp. to boost its market for organic coconut products in China.

Nutriceutical is engaged in the manufacturing, marketing, distribution, import and export of organic foods, drinks and other natural commodities, and has a wide market in China.

Meanwhile, ANI has divested its interests in First Class Agriculture Corp. and Lucky Fruit and Vegetable Products Inc. as part of efforts raise working capital to fund its business expansion.

The two companies are a fully owned subsidiary of ANI that are engaged in the trading, import and export of goods.

ANI saw its net income increase 32 percent to P107 million in the first nine months of the year from P81 million on the back of higher revenues.

Consolidated sales of goods and services for the January to September 2019 period jumped 121 percent to P3.42 billion while gross profit went up 38 percent to P587 million.

ANI is involved in various agro-commercial businesses focusing on trading of grains and fresh produce in the Philippines and export markets.

ANI supplies other home-grown fruits such as banana, pineapple, mango, processed fruits such as frozen fruits and coconut water to Hong Kong, China, Australia and Europe among others.