MANILA, Philippines -  The hedge fund subsidiary of US-based commodities giant Cargill Inc. has acquired 28% equity stake worth $30.45 million in local agro-commercial company AgriNurture Inc.

In a disclosure to the Philippine Stock Exchange,  AgriNurture said the company has executed an investment agreement on December 29 with Singapore-based Black River Capital Partners Fund (Food) LP, a fund managed by global asset management company Black River Asset Management, LLC.

Under the agreement, Black River will acquire 125,486,095 common shares in AgriNurture for $30.45 million.

AgriNurture requested a voluntary trading suspension of its shares last December 29 to January 2. Suspension on the trading of the shares will be lifted at 9 a.m. on January 3.

Black River Asset Management is an independently managed subsidiary of Cargill. The Minnetonka, Minnesota-based Cargill is now the largest privately held corporation in the US in terms of revenue.

Among Cargill's major businesses are trading, purchasing and distributing grain and other agricultural commodities; trading in energy, steel and transport; the manufacture and sale of livestock and feed; producing food ingredients such as starch and glucose syrup, vegetable oils and fats for application in processed foods and industrial use.

AgriNurture , a publicly listed fruit and vegetable grower, wholesaler and exporter, is in the midst of aggressive expansion plans. It is currently building a  $5-million factory in Camarines Sur to supply coconut juice to American beverage brand Vita Coco.

Last August, AgriNurture said it was acquiring 51% of The Big Chill fruit shake chain for P20 million.  The chain has four brands namely: Big Chill, Fresh Bar, C’Verde and Canefusion.

AgriNurture President Antonio Tiu had said the company plans to take The Big Chill brands international.

The company also owns the franchise to operate US coffee chain Tully’s in the Philippines.