Black River hikes stake in ANI

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    Black River Capital Partners Fund (Food) LP has increased its stake in AgriNurture Inc. (ANI)

    ANI said the Cargill-linked fund through its Singapore-based unit, Black River, bought 50 million shares of Vikings Asia  Agri Ventures BV, formerly Solveigh Philippines Agri Investments BV, worth P682.1 million. It is priced at P13.642 per share.

    “It’s a boost of confidence,” said ANI chair Antonio Tiu of the additional stake.Tiu did not disclose figures but estimates place the stake of Black River to about 35.83 percent.

    Black River Capital Partners Fund (Food) LP is a fund managed by global asset management company Black River Asset Management, LLC, which is formally an independently managed subsidiary of Cargill Inc. It has been spun off as of 2016.

    The Black River Group initially bought into Agrinurture in 2011, buying an initial 28.11 percent stake. It increased its interest in the company to 30.9 percent in 2013. Black River is a food-focused fund.

    ANI, an agricultural exporter, continues to boost its business, hitching a ride with the growing economy.

    The company reported a nearly 50 percent jump in net income to P70.72 million in the first half of 2019 from the P48.98 million last year.

    Consolidated sale of goods and services reached P2.4 billion, almost three times higher than the P846.31 million registered in the same period last year.