LISTED food exporter AgriNurture, Inc. (ANI) has issued 18.62 million shares to a property management and investment firm to raise additional working capital.
In a disclosure to the Philippine Stock Exchange, ANI said it issued 18.62 million common shares to PPARR Management and Holdings Corporation, as approved by the board on January 26, 2018, thereby increasing its total issued and outstanding shares (or capital stock) to 709.4 million shares from 690.78 million previously.
Its did not disclose the value of the transaction.
But in an earlier reply to the Exchange’s request for additional information pertaining to the issuance of shares to PPAR, it said that the aggregate value of the consideration was P215,999,772, translating to an issue price of about P11.60 per share.
This consideration was “based on the average prevailing share price at the time of the Board’s approval,” it said. ANI shares closed Friday at P12.88 each, down 6 centavos or 0.46 percent.
ANI said PPARR Management and Holdings Corp. is a corporation duly organized and existing under the laws of the Philippines and is primarily engaged in the business of property management and financial investments.
The company also disclosed on February 12 that its board has approved the issuance of over 70.9 million warrants in favor of existing shareholders, the ANI Employees Credit Cooperative, and current members of the board of directors.