Philippine agricultural conglomerate AgriNurture Inc. (ANI) plans to acquire three small businesses in order to boost its exports and fuel growth.
'We'll be acquiring one coconut company, one banana company, and a distribution company in the second quarter,' ANI CEO and president Antonio Tiu told the Philippines' Daily Inquirer, adding that the company would pay over 300m pesos (US$6.64m) for the additions.
These companies will expand ANI's product lines and boost exports, according to Mr Tiu, which are mainly made up of mangoes and vegetables, and by diversifying its range the company could double its revenue from last year.
'We are getting stronger on pineapples. We need a boost in coconuts and bananas,' Mr Tiu said.
ANI aims to export 1m kg of fruits and vegetables this year, up from 100,000kg last year.
The company also plans to expand its business in the Middle East, China and the US, and is set to offer shares to the public after being listed on the Philippine Stock Exchange.
