MANILA, Philippines - Listed tuna and salmon processor Alliance Select Foods International Inc. has created a Singapore-based subsidiary in preparation for listing in the Singapore bourse.
In a disclosure, Alliance Select said it formed wholly-owned subsidiary Alliance Select Foods Pte. Ltd. which will be an investment holding firm.
“The primary activity of the subsidiary will be that of a general wholesaler and trader,†the company said.
In September, Alliance Select secured approval from its board of directors for the plan to debut in the Singapore Exchange Securities Trading Ltd.’s Catalist or second board. The listing will allow the company to generate fresh funds for expansion projects.
The board allowed the sale of up to 430.29 million Singapore Depository Shares (SDS), which are foreign shares held on deposit by a custodian bank. The underlying shares that represent the SDS will be listed in the local bourse.
In the first nine months of 2012, the company turned around to a profitable performance, booking $1.625 million in net income from a $903,876 loss a year ago.
Revenues, of which 60-70 percent is derived from sales in the United Kingdom, France, Germany, Netherlands and the United States, almost doubled to $57.19 million from $32 million in the same period a year ago.
The firm started engaging in tuna processing, canning, and export of canned tuna products through its plant in Gen. Santos City in 2004.
To date, the company produces more than 200 metric tons (MT) of processed seafood daily, supplying hundreds of successful brand name companies across 60 countries worldwide.
Alliance Select has three factories in Gen. Santos City with a daily production capacity of 70 MT of tuna. It also has a factory in Indonesia that produces 50 MT of tuna a day.
The firm also has one plant each in the US and Thailand.