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AgriNurture now holds majority stake in China-based Fucang

AgriNurture, Inc. now holds majority stake in Zongshan Fucang Trade Co. Ltd. after acquiring additional two percent share in the Chinese firm.

In a disclosure to the Philippine Stock Exchange Tuesday, AgriNurture said the 2.0 percent share it acquired was the interest of Lian Shunming in Fucang.

The acquisition of the additional shares costs some 4.09 Chinese yuan or about PHP30.41 million.

“The acquisition of the additional 2.0 percent equity resulted to the company being the majority shareholder of Fucang. In view thereof, the acquisition is expected to strengthen the company's position in the expansion being undertaken in China,” AgriNurture said.

In October 2016, AgriNurture bought 49 percent stake in Fucang.

Fucang is based in Zhongshan City in the province of Guangdong. It is engaged in agriculture commodity trading and has various investments in rural real estate development and agriculture trading platform.

Meanwhile, AgriNurture closed Tuesday’s trading increasing stock price by 2.3 percent, or 0.2 points, to PHP8.89 apiece from last day’s closing of PHP8.69 per share.

Kris M. Crismundo/PNA