AgriNurture acquires Australian company Freshness First
AGRINURTURE, INC. announced on Monday that it had fully acquired Freshness First Pty, Ltd., an Australian manufacturing company, for a mere one Australian dollar.
AgriNurture said in a stock exchange disclosure that the transaction for the acquisition commenced in 2018.
With this development, Freshness First would become its wholly owned subsidiary, the listed company also said.
The Australian company trades fresh and processed fruits and vegetables and operates under its wholly owned subsidiaries, BSK Pty. Ltd. and Michsul Pty. Ltd., which cater to major institutional clients across Queensland.
AgriNurture said the subsidiaries posted slightly higher revenues as of the first semester despite headwinds brought by the pandemic.
Earlier this year, the company announced its P280-million stock rights offering as part of its target to raise P5 billion for expansion projects.
The company’s expansion plans include establishing a 200,000-hectare corn plantation and rolling out food terminals across strategic areas in the country.
It has also announced it would proceed with its plan to raise about $50 million through the issuance of green bonds. This move was previously disclosed but was delayed due to the pandemic and Russia-Ukraine conflict.
Shares in the company remained unchanged at P3 each at the local bourse on Monday. — Ashley Erika O. Jose