Singapore’s Black River sells stake in PH’s AgriNurture in $7.2m deal
Singapore-listed firm Black River Capital Partners Food Fund Holdings Pte Ltd has sold most of its stake – pegged at $7.2 million (P331.2 million) – in the Philippine fruit and vegetables company AgriNurture Inc.
“An agreement was executed by and between Black River Capital Partners Food Fund Holdings (Singapore) PTE LTD and Solveigh Philippines Agri Investments 2 BV for the sale of 160,000,000 common shares in the Company for the total purchase price of P331,200,000.00 or P2.07 per share,” AgriNurture said in its statement.
Black River is an asset management company of Cargill, a farming company in the United States that provides food, agriculture, financial and industrial products and services globally.
Black River and AgriNurture’s business relationship began in 2011 when Black River bought 28.11 per cent stake in the Philippine company. The stake increased to 30.92 per cent two years later in December 2013 when Black River did a P335 million additional funding in the form of a convertible note.
AgriNurture is owned by embattled businessman Antonio Tiu – tagged as one of the alleged “dummies” of Vice President Jejomar Binay, who has been accused of hiding his wealth through them. One of Tiu’s property in question is a the 350-hectare estate in Rosario, Batangas that is allegedly owned by Binay.
Tiu assumed the post of president and CEO of AgriNurture last May, after two key executives and three directors of the company resigned.
AgriNurture’s last trading price increased 19.73 per cent on Friday to close at P1.76 per share.
