Filtered By: Money
Money

AgriNurture hikes capital to fund expansion of banana, coconut water businesses


Listed food producer AgriNurture Inc. is raising its capital stock to P2 billion from P1 billion to fund the expansion of its banana and coconut water businesses.

In a disclosure to the stock exchange Tuesday, AgriNurture said its board approved the capital hike, which will be divided into two billion common shares at P1 apiece.

"The proceeds are intended to fund the growth of the banana and coconut water business," AgriNurture spokesman Larry Lacson told reporters in a text message.

Last February, AgriNurture said it will partly develop a 294-hectare existing banana plantation in Tagum City, Davao del Norte with Hijo Resources Corporation.

Meanwhile, the company produces coconut water through its wholly-owned unit M2000 IMEX Co Inc. — OMG, GMA News

LOADING CONTENT