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Bullish on its prospects in the local economy despite the global financial crisis, agro-commercial company AgriNurture Inc. (ANI) announced yesterday (May 25) it’s listing at the Philippine Stock Exchange (PSE), the first agriculture company to list in the PSE.
ANI Chief Executive Officer Antonio Tiu said that their “listing by introduction” at the PSE proves the company is optimistic it could “buck the trend” in the equity markets despite the global financial crisis.
“ANI has high hopes for the Philippine agriculture industry even in a time of crisis. In fact, the industry has not reached its maximum potential,” Tiu said.
He added that the agriculture sector can be relevant in a time of crisis. “It is an industry that can offer hope to farmers, suppliers and dealers all over the country. It can create opportunities for so many people.”
A “listing by introduction” would put ANI on the board of the PSE. Membership in the PSE would make the company’s finances transparent in preparation for a full public offering of its shares of stock by the end of this year, Tiu said.
Tiu said Ani would list around 178 million shares by way of introduction. The company is set to offer around 102 million shares for its follow-on offering. Proceeds from the public offering would support the company’s expansion and “enable us to share our success with the investing public,” Tiu said.
“We are very happy to be part of the PSE family. Today’s listing at the PSE represents the company's commitment to the country's agriculture industry,” Tiu said.
Last September, ANI also undertook a “listing by introduction” at the Australian NSX market. Its shares are now available to Australian investors. The listing made ANI the first Philippine company to list in the Australian stock market.
ANI is a diversified agro-commercial corporation engaged in trading and commercial distribution of agricultural products. It is the country’s top exporter to the world of the much-coveted Philippine Carabao mangoes in terms of volume and market coverage.
Founded in 1997 at the height of the Asian financial crisis as Mabuhay 2000, ANI has grown from a small agriculture machinery company with just 11 employees into a corporation with a 1000-strong workforce and five factories that generate income for thousands of farmers and workers nationwide.
ANI covers the back and front end of agricultural production, growing fruits and vegetables in close coordination with farmers, farmers’ co-operatives, and indigenous people.
Today, ANI's subsidiary, First Class Agriculture, serves at least 100 tons of high-grade vegetables through its brand Fresh Choice Always to Metro Manila residents through the SM Supermarket and SM Hypermart chains.
ANI also pioneered the production of coconut juice in cans and the only exporter of tamarind. The company has also been successful in breeding a new hybrid of honey melons that has taken the local market by storm. The “ANI melon” is sweeter and more fragrant than other varieties.
The company also supplies other fruits such as banana, pineapple and papaya to clients in Hong Kong, Mainland China, the Middle East and European regions.
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