AgriNurture Inc., the listed company of businessman Antonio Tiu, obtained 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 United Kingdom.
A 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 company.
ANI earlier reported plans to issue green bonds of up to 75 million euros with seven-year maturity.
Proceeds from the fund-raising activity will be used to fund ANI's agricultural project expansion geared toward climate change adaptation and minimized environmental footprint.
The company plans to strengthen production and trade of fresh organic produce and implement projects with positive environmental benefits.
Based on the rating, ANI has strong governance procedures and ambitions to improve further as it aims to become climate-neutral by 2030. It also has 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,” the company said.
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.
ANI is first the agriculture company in the Philippines to get the green light to issue green bonds.
Established in 1997, ANI has commercial activities in China, Hong Kong and Australia and had gross revenue of 78 million euros in the third quarter of 2020 despite the pandemic.
ANI exports its products to Asia, the 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.
ANI's projects include organic farming, renewable energy, energy efficiency, environmentally-sustainable management of living natural resources and land use, clean transportation and digital agriculture.