Chilean berry fruit company Hortifrut S.A. Commercial has announced it is to issue new shares worth US$75 million in a bid to boost its restaurant and fast food chain arm.

A special shareholders meeting  is to be held on Mar. 15 to agree the initiative, which is the company's first step to floating on the Chilean stock exchange.

The new capital would be used to finance a major expansion plan into the food service sector which the company views as having high global growth potential.

Hortifrut is decidated to genetic development, production, marketing and distribution of berries and has operations in North America, Central America, South America, Europe and Asia.

The company, which is linked to the Moller, Swett, Novión and Urzúa families, hopes to float on the Chilean stock exchange by the end of 2012.

Hortifrut produces juice, fresh, dry and frozen blueberries, blackberries, rasperries and red currants supplying the hospitality trade including major chains including the Marriott, Ritz-Carlton and Sheraton.

The company said berries status as a 'superfood' high in antioxidants was why this genre of fruit was experiencing one of the highest rates of consumption growth worldwide.

Photo: Hortifrut

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