The Philippines’ only publically listed agricultural firm Agrinurture Inc (ANI), is expanding its operation into Asia with the purchase of majority shares in a Hong Kong-based fruit and vegetable trading company, and a Chinese commodities trading firm.
The Manila Bulletin reported that ANI will invest US$1m for a 51 per cent share in Hong Kong trading company Sunshine Supplies, and an additional US$1.5m for a controlling interest in Chinese company Wantaixing Trading Corporation.
Sunshine Supplies currently trades fruit and vegetables in Hong Kong, Macau, China and Europe, while Wantaixing trades plastic, feeds, grains and Cavendish bananas in China.
“With the acquisitions of Sunshine Supplies and Wantaixing, the company has ensured a continued and strengthened growth in its international business, not only as one of the country’s top exporters of Philippine mangoes, but also as a new player in the banana industry, particularly in the greater China region,” an ANI spokesperson told the Manila Bulletin.
ANI is planning to spend a maximum of US$3m to acquire small and medium agricultural firms in China, Hong Kong and Indonesia that will allow it to expand its overseas market, reported the newspaper.
