AgriNurture, Inc. (ANI), the listed firm of agri-entrepreneur Antonio Tiu, has received a Medium Green certification from international research and rating agency Cicero Shades of Green for its planned 75 million Euro Green Bond float in the EU.
In disclosure to the Philippine Stock Exchange, the firm said Medium Green is a high rating allocated to "projects and solutions that represent steps toward the long-term vision." This is the first to be given to a Philippine agricultural firm.
ANI plans to issue Green Bonds of up to 75 million Euros with a maturity of up to seven years, the only agriculture company in the Philippines to be given the green light to issue Green Bonds so far.
Proceeds from the issuance will be used to fund ANI's agricultural project expansion geared toward climate change adaptation and minimized environmental footprint.
ANI has previously secured the authority to issue the long term Green Bonds as well as the issuance of commercial papers, with terms and conditions to be recommended by management and to be approved by the Board.
The proceeds would also enable ANI to strengthen its production and trade of fresh organic produce and implement projects with positive environmental benefits.
ANI has commercial activities in China, Hong Kong, and Australia and had gross revenue of EUR 78 million in the third quarter of 2020 despite the pandemic.
The firm exports its products to Asia, Middle East, Europe, and North America. Its brands include Big Chill, Tully’s, Cheesecake Etc., and plant based meat substitute Fit Bites via auto vending machines, kiosks, cafeterias and coffee shops, providing a range of food and beverage product lines.
Based on the rating, ANI has strong governance procedures and ambitions to improve further. The company for instance has an overarching target for AgriNurture Group to be climate neutral by 2030 under #GREEN2030 vision, as well as targets related to renewable energy and organic farming.
All these efforts are part of ANI's commitment to sustainability and vision to become the country’s top sustainable producer of organic agricultural food products.
Based in Oslo, Cicero Shades of Green is a subsidiary of the climate research institute CICERO. It provides independent, research-based evaluations of green bond investment frameworks to determine their environmental strength.
Their Second Opinions are graded Dark Green, Medium Green, Light Green, and Brown to offer investors better insight into the environmental quality of green bonds.