Bulacan—(PHStocks)—On 4 July 2017, Agrinurture Inc. (PSE: ANI) entered into an agreement with Liang Shunming for the acquisition of all of his rights, title and interest in and to additional 2.00% of the total registered capital of Zongshan Fucang Trade Co. Ltd, a company engaged in agri commodity trading with various investments in rural real estate development and agri trading platform.
Prior to this announcement, Agrinurture has acquired 49.00% of the total registered capital of Fucang in 7 October 2016. The acquisition of the additional 2% equity resulted to Agrinurture 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.
The total consideration for the transaction was RMB4,094,179.80.
Fucang indirectly owns 51% of Xuzhou Shengmei Century Property Co. Ltd, which in turn has rural real estate development in Xuzhou, China with an appraised value of RMB200,695,088.00.