Alliance Select buys out JV partner, takes control of NZ-based Prime Foods

Visual from the company website, August 2015

Alliance Select Foods International Inc, a listed company in the Philippines, will be acquiring its joint venture company by accepting the debt-to-equity offer from its New Zealand-based business partner Prime Foods NZ Limited.

Alliance Select earlier informed the stock exchange that its board of directors have accepted Prime Foods’ offer to fully settle its existing loan obligations with 32 per cent of its stake in the Big Glory Bay Salmon and Seafood Company Inc (BGB), which will serve as full payment for its $945,690 debt.

BGB is a smoked salmon JV company that Alliance Select and Prime Foods formed in 2008. BGB imports salmon from New Zealand, Chile, and Norway and processes it in General Santos City in Mindanao, Philippines.

The transaction will result in BGB becoming a wholly-owned subsidiary of Alliance Select.

Alliance Select accepted a total of 34,699,426 BGB shares as full payment for Prime Foods’ payment obligations, priced at P1.00 apiece.

The company took into consideration the operational flexibility of operating BGB as a wholly owned subsidiary.

Alliance Select’s last trading price decreased 2.13 per cent or P0.020 to close at P0.92.

Also Read:

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

GT Capital buys 22.68% stake in PCFI for $158m

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.