• ANI gets P355-million capital infusion

    0

    Listed fruit and vegetable grower AgriNurture Inc. (ANI) on Friday announced that it has executed the P335-million capital infusion from Singapore-based asset management firm Black River Capital Partners Food Fund Holdings.

    In a disclosure to the Philippine Stock Exchange, ANI said both parties has proceeded with the execution of a note subscription agreement a face value of P335 million at an interest rate of 3 percent per annum and a term of three years from the issue date.

    Under the agreement, Black River shall have the option, which may be exercised at any time after the second anniversary of the issuance, to convert the note, in part or in full, into common shares in ANI at the applicable conversion price to be determined by the parties based on the net income before tax.

    The conversion option may also be exercised by Black River from time to time, beginning from the date following the second anniversary of the issuance of the note, in such tranches as may be determined by the Singapore-based firm.

    Jennifer Ong, ANI assistant corporate secretary and information officer, said that the fresh capital infusion by Black River would be used for farm development and improvement of the company’s manufacturing operations.

    At present, Black River owns 28.11 percent of ANI.

    Black River Capital Partners Food Fund Holdings (Singapore) Pte. Ltd. is a subsidiary of Black River Capital Partners Fund (Food) LP, which is managed by Black River Asset Management LLC (BRAM).

    BRAM, on the other hand, is a subsidiary of US-based commodities giant Cargill Inc.

    James Konstantin Galvez

    Share.
    loading...
    Loading...

    Please follow our commenting guidelines.

    Comments are closed.