Black River Capital Partners Food Fund Holdings (Singapore) Pte Ltd has increased its stake in Philippine food exporter AgriNurture Inc, according to a disclosure filing with the Philippine Stock Exchange on Friday. The asset management firm has lifted its holding to almost a third after it infused additional funding in the agricultural company, according to GMA News.
In the said disclosure, AgriNurture said Black River has completed the purchase of 15.058.331 shares from Antonio Tiu, the president of AgriNurture. The deal allowed Black River to lift its equity interest in the company from previously 28.11% to 30.92%, the report detailed.
The increased equity interest came after Black River poured in PHP335 million in funding in AgriNurture on December 20. The said amount was in the form of a convertible note, the report stated.
Under the terms of the acquisition deal, Black River can opt to partially or fully convert the note into common AgriNurture shares. The said note may be exercised after the two years from issuance of the note, the report explained.
In 2011, Black River acquired a 28.11% stake in AgriNurture in a $30.45-million deal, GMA News reported.
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