Alliance Tuna to acquire 70% of Indonesian tuna cannery

Alliance Tuna International Inc. is planning to acquire 70 percent of PT Karabha Sakti, a tuna canery located in Bitung, Indonesia, for $722,400.

In a disclosure to the Philippine Stock Exchange, Alliance Tuna said the remaining 30 percent of the Indonesian tuna canning firm will be owned by a fishing company to be set up by a group  led by CV Wailan Pratama.

Alliance Tuna said it expects the deal to be completed in 90 days and is slated for operations in August this year.

The cannery will have a capacity of 60 metric tons per day with another 20 MT/day capacity for frozen tuna loins and other marine products.

“Not only will the investment give the company access to the most fertile tuna fishing grounds in the world but will  also complement its marketing and manufacturing efforts thus ensuring future growth and profitability,” Alliance Tuna said.

Alliance Tuna said it plans to spend about $900,000 in capital expenditures this year to modernize the plant.

Alliance Tuna, the only listed company in both the tuna industry and the Socsargen area, can process a combined 120 metric tons of yellowfin and skipjack tuna per day.

The company sells around 1.5 million cases of canned tuna products a year, just one percent of the global market of 150 million cases.

Alliance Tuna is one of the country’s largest exporters of canned tuna, with its clientele now spread over 47 countries.