Philippine horticultural group AgriNurture plans to acquire two local agriculture companies and a number of Chinese distribution firms, as well as forming an Australian unit.
The plans follow on from AgriNurture’s acquisition of traded company Hansung Agro Products Corp earlier this month, as well as a pending rights offering announced last week that aims to raise 500m pesos.
“We will be acquiring a coconut company and a banana factory `both` located in the south,” AgriNurture President Antonio L Tiu said following the company’s annual stockholders’ meeting.
The new acquisitions are vertically integrated companies, with plantations and processing equipment, reported Business World.
AgriNurture also plans to acquire a number of distribution companies in China in order to cement its business in the market.
It will also establish a unit in Australia to sell agricultural products, primarily olive oil and dairy. “`The Australian unit` will copy the model of AgriNurture here in the Philippines,” said Mr Tiu.
The company’s acquisition earlier this month of Hansung is also likely to boost AgriNurture’s fresh fruit exports.
Hansung Agro Products is accredited to export fresh Philippine mangoes to Japan and South Korea.
“AgriNurture expects to increase its export operations in Japan and Korea and further secure its position as one of the top exporters of fresh mangoes in the country,” said the company’s chief financial officer Kenneth S Tan.
AgriNurture supplies fresh fruit and vegetables to Philippine retail chain SM Supermarkets, as well as exporting produce to Thailand, Vietnam, Indonesia, China and Hong Kong.
