MANILA, Philippines?Agrinurture Inc. (ANI) reported higher profits for 2008 as it prepared to become the first agricultural firm to be listed in the history of the Philippine Stock Exchange.

In its prospectus for listing by introduction this Monday, May 25, ANI said it earned P8.7 million in 2008, representing a 24-percent increase over the P6.66 million profit it recorded in 2007.

Net sales of the company last year amounted to P777.97 million, or 20 percent higher than the P623.87 million of the previous year.

ANI, which is already listed along with other small and medium enterprises in Australia?s National Stock Exchange, is registering 300 million common shares on the PSE with a par value of P1 a piece.

Of the total number of shares, 178.5 million secondary common shares will be listed by way of introduction on the second board of the PSE. About 167.9 million of the total secondary common shares are issued and outstanding and 10.6 million are allotted to the company?s directors, employees and consultants under a stock purchase plan.

Almost 101.5 million primary common shares shall be publicly offered from ANI?s authorized but unissued capital stock within a year of the introductory listing.

ANI also registered 20 million warrants to be issued within one year from the introductory listing. The warrants give holders the right, but not the obligation, to buy the underlying common shares at a strike price of P20 upon their five years from issuance.

?The company will not engage the services of issue managers and underwriters in the listing by way of introduction of the secondary common shares ... since there will be no capital-raising involved,? ANI said.

However, within one year from the listing in the PSE, the company intends to engage the services of issue managers and underwriters when it offers to the public its primary common shares.