Businessman Antonio Tiu’s agribusiness firm’s AgriNurture Inc. (ANI) is pursuing an equity restructuring scheme that will allow it to wipe out an old deficit.
In a stock exchange filing, ANI said its board had agreed to implement an equity restructuring via offsetting of company’s additional paid in capital to dissolve the carried over deficit in its financial position.
The board has authorized the company’s management to seek the necessary approvals with the Securities and Exchange Commission and the firm’s stockholders on the planned equity restructuring.
Agrinurture recorded a 46.3 percent drop in its net profit in the first half of the year to P65.55 million as challenges in the logistics in China brought about by the pandemic dragged down revenues from foreign operations.
The implementation of lockdown and limited mobility in various parts of China in the latter part of the first quarter that caused export of bananas and various goods to decrease resulted in an 11 percent decline in export sales to P782.88 million during the first semester.
