Philippines: AgriNurture takes controlling stake in fruit trader Guangzhou Joyful
AgriNurture Inc, a Philippine-listed fruits and vegetables firm, has acquired controlling stake in Hong Kong-based trading firm Guangzhou Joyful Fairy Fruits Ltd.
AgriNurture disclosed its subsidiary Zongshan Fucang Trade Co Ltd (Fucang) aquired on Thursday 70 per cent of the total registered capital of Guangzhou Joyful for $101,000 (RMB700,000).
The Tiu-led company noted the acquisition is expected to aid the expansion of Fucang’s trading business in China.
Fucang is an agri-commodity trading company based in Zhongshan City, Guangdong Province in China, engaged in agri commodity trading with various investments in rural real estate development and agri trading platform.
The 70 per cent interest was bought from Liang Shunming, the registered owner of 90 per cent of the total registered capital of Guangzhou Joyful.
Fucang has acquired all the rights, title and interest of Liang in and to 70 per cent of Guangzhou Joyful.
AgriNurture’s last trading price increased 6.81 per cent or P0.280 to close at P4.39. |
