In a filing to the local bourse yesterday, AgriNurture said it requested for a voluntary suspension on the trading of its shares from Dec. 29 until Jan. 2 “in view of the impending announcement on the pertinent investment agreement concerning Black River’s investment…â€�

The annoucement will be released to the public “any time� within the trading suspension.

AgriNurture further said the Philippine Stock Exchange had granted the request for a trading suspension.

This, as Black River is reportedly proceeding with its planned investment into the local firm, Antonio L. Tiu, president and chief executive officer of AgriNurture said in a text message yesterday.

“We will disclose the details after the signing [of the deal],� he said.

Black River was earlier reported to be acquiring a 28.11% stake in AgriNurture for $30.450 million under the deal.

The planned transaction was supposed to be finalized by end-November.

Both firms, however, decided to extend the period to review the deal until this month according to earlier reports.

The new funds to be received from the transaction, Mr. Tiu said earlier, will be used to purchase plantations and cold storage equipment.

Mr. Tiu also said the firm’s planned equity sale to raise P1.5 to P2 billion to support its expansion plans will not proceed until Black River’s investment to AgriNurture is completed.

He said the firm also has plans to acquire three to four local food chains by the first quarter of next year.

The firm, he said, was planning to spend P200 to P250 million for the acquisitions.

Apart from acquiring three to four local food chains, he said earlier that the firm is planning to spend $10 million to purchase food-related businesses overseas next year.

In August, AgriNurture purchased a 51% stake in The Big Chill, which is engaged in the food and beverage business, for P20 million.

The Big Chill has four brands which are: Big Chill, Fresh Bar, C’Verde and Canefusion.

AgriNurture said earlier it intends to take The Big Chill business to other countries like China, the US and those in Southeast Asia.

Earlier this year, it entered into a license agreement with Tully’s Coffee International Pte., the franchising subsidiary of the coffee chain in Singapore.

Tully’s Coffee is owned by US-based Green Mountain Coffee Roasters, Inc.

AgriNurture said earlier it was planning to open ten Tully’s Coffee stores every year for five years starting 2012.

The first Tully’s Coffee store opened in Bonifacio Global City in Taguig City in November.

AgriNurture shares last traded at P10.48 apiece on Wednesday. — Louella D. Desiderio