AGRINURTURE INC. (ANI) SAID it might undertake a P2.5-billion expansion program on its own or under a joint venture, as it aimed to expand in view of the growing global demand for food.

The first agricultural firm to list at the Philippine Stock Exchange (PSE), ANI aims to raise P1 billion from a follow-on offering, company CEO Antonio Tiu said through an e-mail.

ANI was listed by way of introduction and will sell shares to the public in the next four to five months.

?We are just waiting for the final due diligence by the underwriter,? Tiu said, without naming the underwriter.

The amount which it hopes to raise will help fund ANI?s P1.5- billion capital expenditure program for the next three to five years.

The rest will come from investors belonging to the UK-based Global Emerging Markets Group.

ANI earlier disclosed to the PSE that GEM Global Yield Investment Fund Limited and GEM Investment Advisors Inc. had committed to infuse P500 million into ANI as initial investment.

With the P1.5 billion, ANI intends to expand its farming base from 300 hectares to 6,000 hectares.

Tiu said ANI was expanding farming operations and cold storage, with special attention on Mindanao.

?It is the best area for agriculture,? Tiu said.

This is part of efforts to further secure supply for high value crops and cash crops as the company grows and cultivates new markets.