FINANCIAL NEWS

Saudi FEAICO signs agricultural deal with ANI

06 May 2010

(MENAFN) AgriNurture Inc. (ANI), a Philippine-owned agricultural company, said that it has signed a memorandum of agreement (MoA) with Far Eastern Agricultural Investment Company (FEAICO) of Saudi Arabia for food crop plantations and processing plants in the Philippines, the Manila Bulletin reported.

ANI said in a disclosure to the Philippine Stock Exchange that under the MoA, FEAICO shall pursue projects involving the establishment of a commercial sized pineapple, banana, rice and corn plantations and processing facilities.

The Saudi company 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.

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