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May 13, 2016 @ 2:03

ANI sells HK subsidiary for $10,000

Agrinurture Inc. (ANI), one of the country’s leading fresh mango exporter, today said it has sold its shares in Joyful Fairy (Fruits) Ltd. to another shareholder, Man Ka Fai Thomas, for $10,000.

ANI had 10,000 shares in Joyful Fairy, representing a 51-percent stake, through Agrinurture HK Holdings Ltd., a wholly owned subsidiary.

The price per share is based on the par value of the shares and the deal was paid for in cash.

Man Ka Fai Thomas, however, still has payables to ANI and its subsidiaries which will have to be settled within a year.

ANI had earlier announced it is divesting its shares in some companies.

The company said it is strengthening its working capital and that the divestment of its non-core assets will help it focus on its core business.

Earlier this week, ANI said it is divesting from Sunshine Supplies International Co. Ltd., Qualis Logistics and Transport Services Inc., and Hansung Agro Products Corp. Sunshine Supplies International trades agricultural products such as mangoes, onions, garlic and potatoes in Hong Kong, Macau, China, and Europe.

Qualis Logistics and Transport Services is in the business of transporting goods and passengers by land in the Philippines and Hansung Agro Products exports mangoes to Korea but also trades in other agricultural products. (Eileen A. Mencias)


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