MANILA, Philippines – Food exporter Agrinurture Inc. is eyeing P1.7 billion fresh funds from the stock market after the May 10 national elections.

In a disclosure to the stock market, Agrinurture said its board has approved the follow-on offering of 104.6 million common shares and the listing of another 20 million warrants.

Agrinurture shares closed at P17 per share on Thursday.

It listed in the stock exchange last year ‘by way of introduction’ or without sale of shares. Philippine Stock Exchange rules require firms that listed this way to make an initial public offering one year after. It listed in May 25, 2009.

It has already increased its authorized capital stock to P1 billion from P300 million.

A portion of the capital increase will likely be used to issue shares for the investment agreement with GEM Global Yield Fund Limited and GEM Investors Advisors, Inc.

Agrinurture has the option to require the GEM Group to subscribe up to P500 million shares in the company.

Agrinurture is engaged in the import, trading, and fabrication of post-harvest agricultural machineries. It has diversified into the export of fresh Philippine Carabao mangoes (it’s main cash cow), banana, pineapple, and papaya.