AgriNurture Inc. (ANI) on Friday planned entering into joint venture with the Bureau of Corrections (BuCor) for the development of a 2,000-hectare land in Palawan as an agri-tourism corn plantation, as part of its business expansion.

The listed agri-business company said its board approved plans to negotiate the proposed venture with the Department of Justice via the BuCor on 20 December.

BuCor will provide the land under the potential partnership, while ANI will fund the development.

“Both parties will conduct their respective due diligence, after which a definitive agreement will be entered into to finalize the transaction. Due diligence is set to be completed by the first quarter of 2020,” ANI disclosed to the stock exchange.

ANI said the partnership is expected to expand its agricultural business portfolio through corn production and agri-tourism. It said the project is seen as a “profit center.”

“The matter is still being negotiated, and will be made available as soon as possible,” it said.

Meanwhile, in a separate disclosure, ANI said it will divest all of its 140 million shares in its wholly-owned unit First Class Agriculture Corp. in order to fund its business expansion.

The unit is engaged in trading goods, import and export, and is at the forefront of ANI’s domestic distribution group.

The company is also divesting its interest in another fully-owned unit, Lucky Fruit and Vegetable Products Inc., in order to “raise working capital and to clean up the company’s books.”

ANI has yet to determine the selling price per share for the transactions.

In another disclosure, ANI said it plans to acquire majority interests in Nutriceutical Food Corp. to boost its organic coconut products in China. It said Nutriceutical is engaged in manufacturing, marketing, distribution, import and export of organic foods and drinks and has a wide market in China.