Greenergy Holdings Inc., one of the holding firms of businessman Antonio Tiu, on Thursday said it acquired some 10 million common share of its sister firm AgriNurture Inc. (ANI) through the open market for P61.3 million.
In its disclosure to the Philippine Stock Exchange, the company said it bought the shares at P6.13 apiece.
Greenergy shares closed at P4.46 apiece, while ANI shares closed at P6.33.
As a result of the acquisition of shares, Greenergy now holds a total of 105.1 million shares or equivalent to 10.26 percent of the total issued and outstanding shares of ANI.
ANI was incorporated on February 4, 1997 and started business operations in the same year as an importer, trader and fabricator of post-harvest agricultural machineries intended to improve the productivity as well as increase the income of Filipino farmers.
Formerly known as Mabuhay 2000 Enterprise Inc., ANI was the first to bring into the Philippine market the Mega-Sun brand of grain dryers and thereafter established itself as one of the more reliable local supplier and manufacturer of conveyor systems and other rice mill equipment. The company eventually diversified into other various agro-commercial businesses, specifically focusing on the export trading of fresh produce as its main revenue stream.
ANI supplies home-grown fruits such as mango, banana and pineapple to customers in Hong Kong, Mainland China, the Middle East, and in different European regions.
The company ventured into the importation and trading of rice in the first quarter of 2015 and has since then participated in the government’s rice importation program for the private sector.