AgriNurture Inc. is putting in an additional capital of P100 million to affiliate Agricultural Bank of the Philippines, subject to the final approval of the Securities and Exchange Commission and the Bangko Sentral ng Pilipinas.
AgriNurture said in a disclosure to the stock exchange the P100-million capital infusion would increase ABP’s authorized capital stock to P200 million.
The company said ABP’s capital increase would fund the expansion of the bank’s P2P platform and e-wallet business. Through the capital infusion, the company aims to enhance supply chain micro-finance access of Filipino farmers in remote areas using technology.
AgriNurture president and chief executive Antonio Tiu said ABP’s P2P platform would allow farmers to borrow money directly using their mobile phones.
The proceeds of the loan can then be stored in the farmers’ e-wallet which can be exclusively used for purchases in ANI’s accredited merchants nationwide.
Meanwhile, the company’s board of directors approved the incorporation of Agri Technology Holdings Inc., a 100-percent owned subsidiary, with an initial capital of P100 million.
The move is in line with the company’s goal to complete the farm-to-plate agri-eco system for immediate fintech integration.
The new subsidiary will serve as the company’s post-harvest and farm technology arm. It will collaborate with hybrid seed producer BeiDaHuang and agri-biotech company Ocean Biotech, both ANI subsidiaries.
AgriNuture, meanwhile, disclosed that the company’s board of directors approved a P320-million subscription of Japanese investor Takuhiro Kusumi in the agriculture firm, subject to the foreign equity limits set by law. Jenniffer B. Austria