AgriNurture eyes corn plantation JV with BuCor
Credit to Author: Eireene Jairee Gomez| Date: Sat, 28 Dec 2019 16:17:30 +0000
LISTED AgriNurture Inc. is looking to create a joint venture (JV) with the Department of Justice, through the Bureau of Corrections (BuCor), to develop an integrated agritourism corn plantation in Palawan province.
In a disclosure on Friday, AgriNurture said its board of directors approved the plan on December 20. The proposed joint venture aims to “expand the company’s business through corn production and agritourism,” it added.
Under the plan, the food and vegetable grower will fund the development of about 2,000 hectares into the plantation while the BuCor will provide the land.
Both parties are yet to conduct their respective due diligence, after which a definitive agreement would be signed.
“Due diligence is set to be completed by the first quarter of 2020,” AgriNurture said.
In separate disclosures, the company also announced that its board also approved the disposition of common shares to fully-owned subsidiaries First Class Agriculture Corp. (FCAC) and Lucky Fruit and Vegetable Products Inc. (LFVPI).
According to AgriNurture, the planned disposition of 140,000,000 common shares to FCAC aims to fund its business expansion. Any negative impact on the company’s financial condition and operations is not expected.
For LFVPI, AgriNurture is expected to divest 1,000 common shares, which is intended to raise working capital, and clean up the company’s books.
FCAC is into trading, importing and exporting goods, while LFVPI is also engaged in trading.
AgriNurture shares increased by 4 centavos or 0.30 percent to close at P13.50 each on Friday.