China: AgriNurture buying 3 SMEs

Publicly listed AgriNurture Inc. is acquiring three small and medium enterprises (SMEs) to strengthen its product lines and boost exports.
We ll be acquiring one coconut company, one banana company, and a distribution company in the second quarter, ANI CEO and president Antonio Tiu said in an interview.
ANI will spend not more than P300 million for the three companies, he said.
Tiu said these companies would strengthen ANI s product lines and boost exports. Currently, ANI s main exports are mango and vegetables.
ANI has drawn the attention of Whahaha Group Co. Ltd., the largest drink maker in China. Whahaha is interested in buying mango puree from ANI to launch new drink products in China.
Tiu is scheduled to go to China next week with an aim of having a memorandum of agreement signed with Whahaha. The Chinese company could use up ANI s entire mango puree production, which is 20 metric tons per day. ANI will expand capacity once it starts supplying Whahaha.
We are getting stronger on pineapples. We need more boost in coconut and banana, Tiu said.
With a more diverse line of export products, ANI can double its revenue from 2009, Tiu said.
ANI aims to export one million kilos of fruits and vegetables this year from 100,000 kilos last year to achieve high double digit growth.
ANI earlier bared its plans to expand its market overseas, particularly in prime fruit and vegetable markets in the Middle East, the so-called Greater China and North America.
Market research suggests an increase in consumer expenditure for agri-food products in the said regions in the next four years.
The company is also set to offer shares to the public in a follow-on offering after getting listed by introduction on the Philippine Stock Exchange.
Tiu said ANI was planning to push through with the follow-on offering after the election period.