Alliance Select mulls listing on Indon bourse

MANILA, Philippines - Seafood exporter Alliance Select Foods International Inc. (FOOD) is mulling the possibility of listing on the Indonesian Stock Exchange where it expects its operations to grow further.

When asked whether the company was interested in dual listing of shares, FOOD president Jonathan Dee said: “That’s a possibility given our growing business in Indonesia.”

Dee said the group is planning to beef up the capacity of its factory in Indonesia from the current 50 tons of tuna per day to 60 tons.

Together with the Indonesian plant, FOOD produces over 200 metric tons of processed seafood daily, supplying hundreds of successful brand name companies across 60 countries around the world.

PT Van de Zee, company owned by FOOD subsidiary PT International Alliance Food Indonesia, recently obtained the license for capture fishing in Indonesia’s exclusive economic zone. It received an initial allocation of 5,000 metric tons of tuna for this year.

The allocation may be increased to 30,000 MT by 2016 upon fulfillment of a five-year vessel acquisition program.

Aside from Indonesia, FOOD, one of the leading top notch seafood processing companies in Southeast Asia, has three factories in General Santos City with a production capacity of 70 tons of tuna a day. It has one plant each in the US and Thailand as well.

To further spur growth, the company continues to be on the lookout for acquisitions to further diversify its product offerings.

Dee, however, pointed out that the company would focus more on high value seafood. He sees the contribution of tuna operations to total revenues declining in the coming years as the company widens its product line.

Dee noted that 60 to 70 percent of FOOD’s revenues come from abroad. The group’s biggest markets include UK, France, Germany, Netherlands, and the US.

“We’re in discussions with other brand owners to diversify our product offerings,” Dee said.