LISTED AgriNurture Inc. is pursuing its voluntary delisting from the National Stock Exchange of Australia (NSX) and will proceed with a plan to set up a new unit to be subsequently listed on Australian Securities Exchange (ASX) to save on expenses.

In a Thursday filing to the Philippine Stock Exchange, the agribusiness firm disclosed its intention to be voluntarily delisted from NSX, effective June 30.

“Upon being delisted from NSX, the ordinary shares and FCA Chess Depositary Instruments will no longer be traded in the NSX,” AgriNurture said in its disclosure.

“There was very little activity for us. We are delisting to save on costs as it doesn’t make sense to maintain [our listed status] at NSX,” AgriNurture president and chief executive officer Antonio Tiu told the BusinessMirror in a phone interview on Thursday.

He said maintaining its presence in Australia remains important for AgriNurture’s long-term plans, hence, its intention to list a unit at the ASX.

Pending the approval of regulatory requirements, AgrniNurture hopes to take its new Australian unit public by the fourth quarter of 2011 or early next year, Tiu said.

AgriNurture is a Philippine firm specializing in what it calls the “farm-to-plate” business concept—meaning it handles business activities from farming, packing, trading, distribution, processing, canning and up to retail sales.

The company recently won the approval of stockholders allowing it to sell up to P2 billion worth of bonds, giving the company the flexibility to issue either equity or debt to fund its expansion plans. AgriNurture noted earlier that it would need at least P2 billion for expansion.

Shares of the company closed flat at P9 each on Thursday’s trading.