Alliance Select to double capital stock to P3B

MANILA, Philippines - Listed seafood producer and exporter Alliance Select Foods International Inc. is set to double its authorized capital stock from P1.5 billion to P3 billion.

In a disclosure to the Philippine Stock Exchange, Alliance Select said it has received shareholder approval for its planned increase in the company’s authorized capital stock.

“The stockholders of the company, representing more than two thirds of the outstanding capital stock, approved the increase in the authorized capital stock of the company,” the firm said.

Alliance Select is increasing its authorized capital stock from 1.5 billion common shares with a par value of P1 per share, to 3 billion common shares with a par value of P1 apiece.

The company said funds to be raised from subscription to the new shares is being earmarked for working capital requirements and capital expenditures.

“My first three months as president have been hectic, but productive. And the shareholders’ approval to increase Alliance’s authorized capital stock is heartwarmingly encouraging. I view it as a vote of confidence in the direction I, together with the new management team, have set out on,” said Raymond See, Alliance Select president and chief executive officer.

Alliance Select founder Jonathan Dee stepped down as company president and assumed the position of chairman of the board last December in line with the seafood processing firm’s reorganization of its board of directors and top management positions.

“We’re continuing to address all the issues relative to enhancing Alliance’s capacities, efficiencies and profitability. We will not let up. The ensuing capital we hope to raise from this exercise would prove invaluable to Alliance’s operations and growth. It will result in a company truly better poised for more active competition both here and abroad,” See said.

Alliance Select’s export markets include Europe, North America, Asia, Africa and South America. The company produces over 200 metric tons of processed seafood daily, its main product being canned tuna, and supplies hundreds of brand-name companies across 60 companies worldwide.

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.