Singapore-based company 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 (€0.24) per share for a total price of P682.1 million (€11.9 mln)

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.  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.

[ PHP 100 = €1.72 ]