PH based Alliance Select Foods raises capital stock to $62.2m

Visual from the Alliance Select Foods

Bracing for more competition, Philippine-based food manufacturer Alliance Select Foods International Inc has raised its capital stock 50 per cent, from $33.6 million (P1.5 billion) to $62.2 million ($3 billion).

Alliance Select informed the stock exchange on Wednesday that its stockholders, representing more than two-thirds of the outstanding capital stock, approved the increase in the authorized capital stock.

Funds that Alliance Select will raise from the new shares, have been earmarked for working capital requirements and capital expenditures.

“The stockholders’ vote of approval was for the increase of the company’s authorized capital from 1.5 billion common shares with a par value of P1.00 per share, to 3.0 billion common shares with a par value of P 1.00 per share,” said the company in the disclosure to the exchange.

Alliance Select’s new president and CEO Raymond See, who assumed his position last December, said that the shareholders’ approval to increase the company’s authorized capital, was a vote of confidence in the direction that he has set out on together with the new management team.

“We’re continuing to address all the issues related 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 being truly better poised for more active competition both here and abroad,” See said.

Alliance Select, formerly Alliance Tuna, is engaged in the manufacturing, canning, importing, and exporting of food products such as marine, aquaculture and other processed seafood.

The company started its commercial operations in 2004 after it was incorporated and registered with the Securities and Exchange Commission on September 1, 2003.

Alliance Select has 40 per cent stake in FDCP Inc, a can-making company to ensure the availability of quality cans at competitive prices and sustainable supply. It also established in 2008 the PT International Alliance Foods Indonesia, its own subsidiary that acquired the assets of an Indonesian tuna cannery located in Bitung, in the island of North Sulawesi.

The listed food firm also has two subsidiaries in New Zealand, and one in the US.

These are New Zealand-based companies Prime Foods New Zealand Ltd, a processor of smoked salmon, and Akaroa Salmon New Zealand Ltd, a processor of farmed salmon. The US subsidiary is the Spence & Co Ltd, a producer of smoked salmon and other seafood.

Alliance Select and PFNZ also has a joint venture company called Big Glory Bay Salmon & Seafood Inc that imports salmon from New Zealand, Chile, and Norway and processes it in General Santos City in Mindanao, Philippines.

Alliance Select’s last traded price remained at P1.10 since yesterday.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.