Alliance Select raising new capital to expand GenSan tuna cannery

MANILA, Philippines - Seafood processing firm Alliance Select Foods International Inc. is raising P563.7 million in fresh capital to ramp up the operations of its tuna cannery in Gen. Santos City.

The company said board approved yesterday the issuance of 430,286, 266 new shares to Strong Oak Inc. through a private placement.

The new shares, which constitute 28.7 percent of the company’s total issued capital of P1.5 billion, will be offered at P1.31 per share.

Alliance Select corporate information officer Rajat Balain said the funds would enable the company to significantly increase the utilization rates of its tuna cannery in Gen. Santos City.

 â€œAlliance projects to boost its revenues and profits from this capital raising exercise boding well for the company’s future growth prospects,” said Balain.

Alliance Select produces over 200 metric tons of processed seafood daily, its main product being canned tuna.

The company supplies hundreds of brand-name companies across 60 companies worldwide.

Its export markets include Europe, North America, Asia, Africa and South America.

It also processes the by-products and scraps from its tuna processing operations into fishmeal and sells these to the domestic and export markets.

It recently acquired a New Zealand-based company, Akaroa Salmon NZ Ltd., to tap into the global smoked salmon market.