SINGAPORE (THE BUSINESS TIMES) - A wholly-owned subsidiary of Nutryfarm International is selling 180 containers of fresh durians to a China-based company for RMB117 million (S$24 million).
The subsidiary, Global Agricapital Holdings, has entered into a binding import-purchase agreement with Shanghai Yuqu Trading Co, said Nutryfarm in a bourse filing on Monday. Yuqu principally engages in the businesses of import, trading and distribution fruits and vegetables.
Under the agreement, 30 per cent of the total purchase price will be paid to Global Agricapital as advance payment on a mutually agreed upon date. The remaining 70 per cent is to be paid after Yuqu has received and inspected the goods.
The delivery period will be between Feb 20 and May 21, 2021. The parties have also agreed that Global Agricapital will promptly respond to Yuqu's requests for detailed status updates.
In addition, Global Agricapital will guarantee the production volume at the place of origin and exercise strict quality control over the goods based on the requirement of the cooperative channel supplier.
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 was up 8.5 per cent or 3.5 Singapore cents to finish at 45.5 cents on Monday, before the announcement.