A company engaged in the importation, trading, and fabrication of post-harvest agricultural types of machinery is looking to develop a 2,000-hectare property being managed by the Bureau of Corrections (BuCor) under the Department of Justice (DOJ) into an integrated agri-tourism corn plantation.
Led by businessman Antonio Tiu, AgriNurture, Inc. (ANI) said in a recent disclosure that it is seeking to develop the property in Iwahig under a joint venture partnership with the DOJ through BuCor.
“The company is set to negotiate a possible joint venture (JV) with the DOJ through the BuCor for the development of about 2,000 hectares of property to an integrated agri-tourism corn plantation in Palawan. The company will fund the development while the BuCor will provide the land,” a copy of the ANI disclosure obtained by Palawan News said.
It said both parties will conduct their respective due diligence, after which a definitive agreement will be entered into to finalize the transaction. Due diligence is set to be completed by the first quarter of 2020.
In a disclosure on Friday, the company led by businessman Antonio L. Tiu said its board of directors gave the go-signal to negotiate and enter into a joint venture with BuCor for the Palawan property.
ANI said the proposed JV is intended to expand the company’s business through corn production and agri-tourism.
The amount of investment and/or interest by the parties involved, ANI said, it still being negotiated, and will be made available as soon as finalized.
“The proposed Joint Venture is intended to expand the Company’s portfolio on its agricultural business, and is seen to be a profit center,” ANI added.