AgriNurture raising €75M through ‘green bonds’ issuance

Antonio Tiu-led farm produce wholesaler AgriNurture Inc. (ANI) is eyeing to raise €75 million through the issuance of euro-denominated “green bonds” in the European market.

In a statement, ANI said its planned green bonds issuance received a “Medium Green” certification from international research and rating agency Cicero Shades of Green.

Based in Oslo, Cicero Shades of Green is a subsidiary of the climate research institute CICERO. 

It provides independent, research-based evaluations of green bond investment frameworks to determine their environmental strength. 

Medium green is a high rating allocated to "projects and solutions that represent steps toward the long-term vision."  

This is the first to be given to a Philippine agricultural firm, ANI said.

The agriculture firm said it is planning to issue green bonds of up to €75 million with a maturity of up to seven years, the only agriculture company in the Philippines to be given the green light to issue green bonds so far. 

Proceeds from the bonds issuance would be used to fund ANI's agricultural project expansion geared toward climate change adaptation and minimized environmental footprint.

Furthermore, proceeds would enable ANI to strengthen its production and trade of fresh organic produce and implement projects with positive environmental benefits, it said.

ANI, established in 1997, was listed at the Philippine Stock Exchange in May 2009. 

ANI exports its products to Asia, Middle East, Europe, and North America. 

Its brands include Big Chill, Tully’s, Cheesecake Etc., and plant-based meat substitute Fit Bites via auto vending machines, kiosks, cafeterias and coffee shops, providing a range of food and beverage product lines.

ANI's projects in the pipeline include organic farming, renewable energy, energy efficiency, environmentally sustainable management of living natural resources and land use, clean transportation, and digital agriculture. 

Based on the rating, ANI said it has strong governance procedures and ambitions to improve further. —Ted Cordero/KG, GMA News