Manila Bulletin | 5 May 2010
By JAMES A. LOYOLA
AgriNurture, Inc. (ANI) has signed a Memorandum of Agreement (MoA) with Far Eastern Agricultural Investment Company (FEAICO) of the Kingdom of Saudi Arabia for huge food crop plantations and processing plants in the Philippines.
In a disclosure to the Philippine Stock Exchange Wednesday, ANI chief finance officer Kenneth Tan said that, based on the MoA, FEAICO shall pursue projects involving the establishment of a commercial sized pineapple, banana, rice and corn plantations and processing facilities.
It will also jointly work with ANI for all the needed resources such as land, labor, farm technology and systems.
ANI and FEAICO will establish demo plantations initially and grow gradually through contract growing up to a core area of 50,000 hectares total for pineapple, banana, rice and corn.
These plantations will be used for food crops production for local consumption and export to Kingdom of Saudi Arabia and other foreign markets that FEAICO and ANI will jointly agree and develop.
ANI and FEAICO shall enter into a joint venture agreement to immediately set up a Philippine Corporation with an initial capitalization of $1 million under a 60 percent and 40 percent Filipino and foreign equity ownership and profit sharing scheme respectively.
They will also initiate appropriate measures for the newly-formed Philippine Corporation’s availment of fiscal, administrative and all other incentives granted by government agencies including the Board of Investments and the Philippine Economic Zone Authority.
ANI and FEAICO has undertaken to enter into such definitive agreements and complete other documents to formally provide details in carrying out the general provisions of the MOA within six months from the date of its signing.
_______Full text of the MoA is here: http://farmlandgrab.org/wp-content/uploads/2010/05/dc2010-3091_ANI.pdf