Bulacan—(PHStocks)—Agrinurture Inc. (PSE: ANI) has divested all its interest, through its wholly owned subsidiary Best Choice Harvest Agricultural Corp. (BCH), in Tagum Resources Agri Industries Inc. (TRAIN).
BCH entered into a Memorandum of Agreement (MOA) on 17 December 2014 relative to the full divestment of its fifty one percent (51%) interest in TRAIN.
The MOA is entered into by and among BCH, its joint venture partner Hijo Resources Corp. (HRC) and Black River Capital Partners Food Fund Holdings (Singapore) Pte Ltd (BR), with the conformity of TRAIN and the company. BR is a shareholder of 26.6% of the total outstanding shares of the company. HRC, on the other hand, is a joint venture partner of BCH owning 49% of the total outstanding shares of TRAIN.
Under the MOA, the 51% interest of BCH comprising of 234,600 common shares of TRAIN (BCH TRAIN SHARES) will be divested at the price of PhP1,278.77 per share, for a total purchase price of PhP300,000,000.00 and will be purchased by HRC and BR.
Purchase Price was determined by internal evaluation using discounted cash flow.