RLF AgTech expands to Philippines

Perth-based RLF AgTech has struck an $8.8 million deal to extend its distribution reach in South-East Asia.

The agriculture technology company signed an exclusive distribution agreement with Taipan Brand Farms, which is a subsidiary of Phillippines-based agriculture product distribution company Jardine Distribution.

The agreement aligns with AgTech’s aim of bolstering food production and sales distribution, both globally and in the Philippines agriculture market.

Under the deal, Taipan Brand Farms will distribute AgTech’s crop nutrition products throughout the Philippines with an initial sales and purchase target of $8.78 million across five years.

The agribusiness debuted on the ASX in April 2022 with an $8.5 million inital public offering. 

Shares were on offer under the IPO at 20 cents apiece. 

Today, RLF AgTech's shares closed at 21.5 cents, up 10.25 per cent. 

RLF AgTech managing director Ken Hancock said the company was delighted its product was being made available to the Philippines farmers.

“The use of our product is proven to increase yields and soil resilience, having the potential to increase food production and food security in the region,” he said.

“The growing demand for our product across a number of overseas emerging and established markets continues to demonstrate that we are successfully delivering on our outlined growth initiatives and sales targets.

“We look forward to informing the market of our continued efforts to reach new markets, increase sales within existing markets and the delivery of our other organic growth initiatives over the coming months.”

Jardine Distribution Edwin Hernandez said they were delighted to partner with RLF AgTech to offer agricultural products into the Philippine market.

“We at JDI and TBFI are even more pleased that RFL AgTech share our mission of partnering with Filipino farmers and offering them products that can increase their yield and improve their overall livelihood,” he said.