Nutryfarm plans to sell fresh durians to China firm
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Fiona Lam
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A WHOLLY-OWNED subsidiary of Nutryfarm International is looking to sell 500 containers, each containing 960 boxes of fresh durians imported from Thailand, per year to a China-based company.
The subsidiary, Global Agricapital, has signed a non-binding framework agreement with Anhui Import and Export (AIE) under Chinese laws.
AIE is a foreign trade enterprise approved by the Anhui provincial government. The Chinese company has also agreed to buy the 500 containers per year from Global Agricapital, under the non-binding pact.
AIE will make payment by way of letter of credit or telegraphic transfer, said Nutryfarm in a bourse filing on Monday night.
Nutryfarm added that potential investors should exercise caution when trading in its shares, as the agreement with AIE may or may not lead to the signing of any formalised purchase contracts.
The mainboard-listed company will release further announcements on this matter as and when there are material developments.
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It said none of its directors or substantial shareholders has any interest in the possible transactions, save for their shareholdings in Nutryfarm.
Shares of Nutryfarm sank 13.5 per cent or S$0.05 to finish at S$0.32 on Monday, before the announcement.
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