FRUITS and coconut-based products exporter AgriNurture Inc. (ANI) is eyeing to raise P800 million to P1 billion from a planned share sale before the end of March.

                In an interview, chief executive Antonio L. Tiu said the company plans to sell around 20 percent of the company and list shares at the second board of the Philippine Stock Exchange (PSE).

                “We plan to sell to both domestic and foreign investors. Maybe after the holy week, we can firm up our plans,” he said.

                Proceeds from the initial public offering (IPO) will be used to expand ANI’s farming operations as well as bankroll acquisition of local brands seen to complement its existing products.

                At the end of 2007, Tiu said their revenues amounted to P1 billion, of which P200-million came from exports. Despite the peso’s appreciation, which makes local exports more expensive in foreign markets, Tiu said that agriculture is a high-growth sector and is very sustainable.  

                ANI, formerly Mabuhay 2000, exports coconut juice, coconut vinegar, coconut gel (nata de coco), mango nectar and sweetened mango puree, among others, to Asia, United States, Canada, Australia and Europe.

                It also manufactures other brands, under toll packing agreements with various juice distributors, which are sold here and abroad.

                The company started exporting fresh fruits in 2003, growing to become the leading exporter of Philippine carabao mangoes worldwide and other products such as bananas, Hawaiian sweet cayenne pineapples and native tamarind.

                The company is also into local distribution of homegrown fruits, vegetables and all of the food ingredient products it manufactures to local wholesale end-users such as fast-food chain stores and other food manufacturers.

                ANI was incorporated as Mabuhay 2000 Enterprises, Inc. in 1997.

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FRUITS and coconut-based products exporter AgriNurture Inc. (ANI) is eyeing to raise P800 million to P1 billion from a planned share sale before the end of March.

Did you know 1: He’s now being called a rat in some circles of Philippine Communications Satellite Corp. It turns out this senior executive works for one group but has been telling everything that’s discussed to the other group out of, well, vested interest.