Alliance Select to raise P1B from shares sales

MANILA, Philippines - Listed seafood producer and exporter Alliance Select Foods International Inc. plans to raise as much as P1 billion in fresh equity from the sale of new shares to existing investors to fund its expansion initiatives.

In a disclosure to the Philippine Stock Exchange, Alliance Select said its board approved  the sale of up to one billion shares of the company  at P1 each.

Each stockholder is entitled to subscribe to the stock rights offer based on his or her proportionate shareholding in the outstanding shares of the company.

The final terms, timetable and other details of the offer have yet to be firmed up, Alliance Select said.

The company likewise approved an increase in its authorized capital to P3 billion from P1.5 billion “to provide greater flexibility  in sourcing funds for expanding operations.”

The twin proposals will be submitted for approval by stockholders in a special meeting on March 31, 2015.

Proceeds from the offering will be used to fund the company’s operations and growth.

Alliance Select is now run by a younger and more dynamic team following its reorganization last December.

Jonathan Dee, the former president of the company,  assumed the chairmanship of the board while Raymond See has taken the former’s previous position.

Alliance Select produces over 200 metric tons of processed seafood daily, with canned tuna as its main product.  It is a major supplier to hundreds of brand-name companies in  Europe, North America, Asia, Africa and South America.

It also manufactures and sells smoked salmon and mussels under the Prime Smoke and Studholme brands for retail and food service sectors; and offers fishmeal, which is used as additive or primary ingredient for animal feed.

The company likewise sells salmon by-products as part of various items, such as pate, torta, rings, and trim, as well as belly, collars, fins, and manufactures canned tuna under the Sea Harvest brand.