AgriNurture to conduct stock rights offering

AgriNurture, Inc. will be conducting a P283.76 million stock rights offering (SRO) in a bid to raise capital for the expansion of its agricultural businesses.

In a disclosure to the stock exchange on Monday, Feb. 19, AgriNurture said its board of directors approved last Feb. 17 the company’s plan to conduct the SRO, comprising 283.76 million shares at a value of P1 apiece.

Each existing shareholder of 2.5 shares will be entitled to one stock rights share from the offering.

“The Rights Issue is intended to provide additional working capital to support the growth and strategic initiatives of the Corporation’s core businesses. Management shall finalize the specific allocation of the proceeds for review and approval of the board,” AgriNurture said. — Arra B. Francia