US-based fund Black River ups stake in AgriNurture

A US-based asset management company increased its stake in listed food exporter AgriNurture Inc. to nearly a third after it infused additional capital in the company. 

 

In a disclosure to the Philippine Stock Exchange Friday, AgriNurture said Black River Capital Partners Food Fund Holdings (Singapore) Pte. Ltd. has completed the acquisition of 15,058,331 shares from AgriNurture president Antonio Tiu. 

 

The transaction allowed Black River to increase its equity interest in the company from 28.11 percent to 30.92 percent. 

 

The increase in equity interest came after Black River provided AgriNurture additional funding amounting to P335 million in the form of a convertible note on Dec. 20. 

 

Under the note, Black River shall have the option, which may be exercised at any time after the second anniversary of the issuance of the note, to convert the note, in part or in full, into common shares in AgriNurture. 

 

In 2011, Black River bought a 28.11-percent stake in AgriNurture for $30.45 million.

 

Black River, which is based in Singapore, is a wholly-owned subsidiary of Black River Capital Partners Fund (Food) LP. 

 

Black River Capital Partners Fund (Food), LP is a fund managed by Black River Asset Management LLC, the latter being an independently-managed subsidiary of Cargill, Inc. — Danessa O. Rivera/JDS, GMA News