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Singapore’s Black River acquires 5% stake in ANI

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Singapore-based Black River, a wholly-owned subsidiary of Black River Capital Partners Fund (Food) LP, acquired a minority a stake in AgriNurture Inc., a listed company owned by businessman Antonio Tiu.

ANI said in a statement Vikings Asia Agri Ventures BV, formerly Solveigh Philippines Agri Investments BV, sold 50 million shares in the company to Black River through a block sale.

The 50 million shares, equivalent to roughly five percent of ANI, were sold at P13.642 per share for a total price of P682.1 million.

Tiu welcomed Black River’s investment into the company. “It’s a boost of confidence,” he said.

The US-based asset management company in 2013 held an investment of as much as 30.92 percent in ANI. Blackriver, a food-focused fund, is used to be owned by Cargill, the world’s largest agriculture company. 

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Black River in 2011 prior to the transaction also bought a 28.11-percent stake in ANI. 

ANI, an agricultural exporter, continues to boost its business, hitching a ride with the growing economy.

ANI booked a consolidated attributable net income of P32.28 million in the first half of the year, up 255 percent from P9.08 million a year ago.

Consolidated sale of goods and services, meanwhile, amounted to P2.4 billion during the period, almost three times higher than P846.31 million registered in the same period last year.

The group’s Philippine operations contributed 47 percent while sales from foreign operations accounted for 53 percent of consolidated sales.

Local distribution sales posted an increase of 29.45 percent to P62.15 million in the six months ended June 30, 2019 from P48.01 million a year ago, mainly due to improvement in operations.

The group’s export sales reached P1.01 billion, up 1,611 percent on year.

The group is expected to continue increasing its sales volume of banana shipments  with increased volume for mango and beverage products. 

ANI also expects to raise sales volumes in the last two quarters of 2019 with the approval of the  Rice Liberalization Law that allows allow ANI to import rice.

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