Cargill hedge fund raises stake in AgriNurture

ABS-CBN News

Posted at Dec 27 2013 03:08 PM | Updated as of Dec 27 2013 11:10 PM

MANILA, Philippines - The hedge fund subsidiary of US-based commodities giant Cargill Inc. has raised its stake in publicly listed agro-commercial company AgriNurture Inc.

In a disclosure to the stock exchange, AgriNurture said Black River Capital Partners Food Fund Holdings (Singapore) has increased its equity interest in the company to 30.92% from the current 28.11%.

Black River has acquired 15.05 million shares from AgriNurture chairman and CEO Antonio L. Tiu.

"The increase in equity interest follows the Php335,000,000 additional funding extended by Black River to the Company in the form of convertible note," AgriNurture said.

Earlier this month, AgriNurture borrowed P335 million from Black River, which is convertible into equity.

In 2011, the hedge fund acquired a 28% stake in AgriNurture worth $30.4 million.

Black River Asset Management is an independently managed subsidiary of Cargill. The Minnetonka, Minnesota-based Cargill is now the largest privately held corporation in the US in terms of revenue.

Among Cargill's major businesses are trading, purchasing and distributing grain and other agricultural commodities; trading in energy, steel and transport; the manufacture and sale of livestock and feed; producing food ingredients such as starch and glucose syrup, vegetable oils and fats for application in processed foods and industrial use.