AgriNurture completes Aussie firm’s takeover

AgriNurture Inc., the publicly-listed agro-commercial firm led by businessman Antonio Tiu, seeks to further grow its international footprint following the successful acquisition of Australian company Freshness First Pty. Ltd.

In a report to the Philippine Stock Exchange on Monday, AgriNurture disclosed that it completed the buyout on 15 September, a move that was part of its initiatives to ramp up involvement in "agriculture-related activities and gives it a footprint on the vast and promising Australian landscape to explore."

According to Tiu, the effort to acquire Freshness First started in October 2018 when the ANI Board authorized the expansion of the company's business operations in Australia by acquiring existing companies.

Freshness First is engaged in the business of trading fresh and processed fruits and vegetables in the state of Queensland.

Unit to drive profit

It operates under its 100 percent-owned and controlled subsidiaries BSK Pty Ltd., doing business under the brand "Field Cuisine", and Michsul Pty. Ltd., doing business under the brand "Bou Samra Fruits & Vegetables" servicing major institutional clients across the State.

Citing the Australian $12.8 million in revenues generated by Freshness First as of July, Tiu noted that the company's upward growth trajectory will provide value to ANI shareholders.

As an agro-commercial company, ANI exports local fruits and vegetables to the Asia Pacific region, Europe and North America.

The company also has commercial activities in China, Hong Kong and Australia with gross revenues of close to $100 million in 2020 despite the pandemic.