AgriNurture buys majority stakes in trading firms

ABS-CBN News

Posted at Oct 11 2010 03:06 PM | Updated as of Oct 12 2010 02:34 AM

MANILA, Philippines - Publicly listed AgriNurture Inc. is buying majority of two trading firms in Hong Kong and China for a total of $2.5 million.

The company's board of directors approved the acquisition of 51% of Sunshine Supplies International Co. Ltd. in Hong Kong for $1 million. Also approved was the purchase of a 51% stake in Xiamen Wantaixing Trading Corp. in China for $1.5 million.

AgriNurture said it would pay for the acquisitions on installment basis.

Sunshine Supplies is engaged in the business of trading fruits and vegetables in Hong Kong, Macau, China and Europe.

Wantaixing, on the other hand, is in the trading of various commodities such as plastic, feeds, grains and banana in the greater China region.

"With the acquisitions, the company has ensured a continued and strengthened growth in its international business," said AgriNurture.