11th Dec 2019 13:08
(Alliance News) - Agronomics Ltd on Wednesday said it has completed a subscription for 40,000 shares in Oritain Global Ltd.
Oritain is a science and data technology company offering a solution to prevent fraud in food and other supply chains.
Agronomics said the subscription - worth NZD500,000 or about GBP248,995 - will give it a 1.1% interest in Oritain. Agronomics expects to fund the subscription through its existing cash resources.
"Oritain complements Agronomics' existing portfolio as a later stage, revenue generating opportunity while maintaining our focus on impact investments," said Agronomics Chair Richard Reed.
He added: "We are looking forward to working with Oritain as it continues to expand globally and build its customer base."
Agronomics shares were trading 0.6% higher in London on Wednesday at 5.51 pence each.
By Evelina Grecenko; [email protected]
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