Listed Agrinurture Inc. (ANI) on Monday said its unit Agrinurture HK Holdings, Ltd. had entered into an agreement to sell its entire interest in an Australian subsidiary for $2.5 million as part of a focus on core businesses in the Asian region.
In a disclosure to the Philippine Stock Exchange, ANI said the sale of shares in Freshness First Ltd Pty to Organic Path Limited also aimed to strengthen the company’s working capital.
Freshness First is part of the Australian operations of the ANI Group and is primarily engaged in the business of processing fruits and vegetables.
The agriculture trading firm said the purchase price represented about four times the net book value of Freshness First.
ANI noted that the divestment would not have any effect in its business operations as there are no direct and related transactions.