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09/13/2010 Food exporter AgriNurture Inc. is expected to do a follow-on offering (FOO) upon confirmation of an anchor investor by the fourth quarter of 2010. AgriNurture president Antonio Tiu said the company is waiting for the long-term foreign investor which will provide a big fund for a development project and then the company will do a FOO. He also said proceeds will be for the backhoe integration — planting of different crops in lands provided by the government, indigenous people and cooperatives; increase in cold storage to 3 million kilograms from 400,000 kilograms of crops; and expansion to wet market. Earlier, AgriNurture announced a stock right offering to help boost capital that will finance farming operations. Tiu said that the company is also looking at several acquisitions of agricultural small and medium enterprises with $1 million to 3 million capital in China, Hong Kong and hopefully in Indonesia which will help expand AgriNurture’s reach in other countries. Recently, AgriNurture partnered with China’s Heilongjiang Beidahuang Seed Group Co. Ltd. (BSG) to form Beidahuang (Philippines) Agro Industrial Development Corp. which promises to give local farmers a big boost in terms of rice yields, which augurs well for the future of Philippine agriculture. The joint venture will basically function as an agricultural research, development, production and marketing company and will eventually extend its operations to fabrication and marketing of agricultural machinery and crop planting, as well as product processing. It will also engage in export and import of food, fruits, feeds, food drier and other agricultural products. Danessa O. Rivera
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