MANILA - Listed firm AgriNurture Inc. (ANI) has tied up with 2 groups to plant bananas, pineapples, rice and/or corn on 20,000 hectares of farmlands and idle lands in Mindanao.

In a disclosure to the Philippine Stock Exchange on Thursday, ANI said it has signed a memorandum of understanding (MOU) with Saudi-based Far East Agricultural Holding Corp. and the Philippine Agricultural Development and Commercial Corp. of the Department of Agriculture (DA).

The DA-led agency is tasked to lead the facilitation of investments in farmlands and idle lands in the Philippines for agribusiness ventures.

ANI said harvests for the project will be used for export, with priority given to countries in the Middle East region.

Share prices of ANI dropped to P22.75 apiece on Thursday.