ANI secures $100 million loan
Iris Gonzales (The Philippine Star) - February 25, 2020 - 12:00am

MANILA, Philippines — AgriNurture Inc. (ANI) is getting long term financing for its expansion projects from global investment bank Vnesto Capital.

Vnesto Capital has expressed interest to extend up to $100 million worth of loan to ANI.

According to Vnesto’s Letter of Intent, AgriNurture can avail of the long-term loan with interest pegged at T-bill rates plus three percent.

The final amount and terms of the long term financing deal would be finalized upon completion of due diligence process.  Upon the acceptance of the LOI, the formal application process officially commenced, ANI said in a disclosure to the Philippine Stock Exchange.

Vnesto Capital is a US-based global investment bank that provides long term project financing and equity capital for enterprises in emerging markets.

ANI is subscribing to additional shares of Binangongan Rural Bank Inc. (BRB), which owns one of the few electronic money issuer (EMI) licenses issued in the country by the Bangko Sentral ng Pilipinas (BSP).

The company’s  overall goal is to establish a closed loop agricultural ecosystem.  Together with BRB, ANI’s e-wallet can now be in sync with ATM cards of the bank and allows farmers to access cash anytime anywhere.

BRB has licensed financial technology platforms that can improve the access of Filipino farmers -- especially those in remote areas -- to agri agra micro financing.

Earthright Holdings Inc. (EHI), the parent firm of listed ANI,  has acquired a significant stake in BRB by subscribing to the hike in capital.

The partnership will launch a full digital banking platform in the first half aimed at providing microfinancing to farmers.

ANI likewise received the green light from the board to submit unsolicited proposals to the Department of Agriculture (DA) and National Food Authority (NFA) in relation to DA’s Rice and Corn project.

The company wants to introduce the Rice and Corn Blend to the NFA as alternative staple food to help transform palay growers into producers of value added finish products.

ANI, an exporter of agriculture products, hopes to ride on the steadily growing demands from neighboring countries with aging and declining farmers.

The company ventured into the importation and trading of rice in the first quarter of 2015 and has since then participated in NFA’s rice importation program for the private sector.

AGRINURTURE INC.
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