Alliance Select holds stockholders mtg

MANILA, Philippines – Listed food company Alliance Select Foods International Inc. successfully elected its new board in a much-delayed stockholders’ meeting held last week.

The conduct of the stockholders’ meeting is a victory for the company, which has had to withstand numerous crossfirers between some of its shareholder blocks. Antonio Pacis was elected chairman of the board.

Aside from him, shareholders also voted Joseph Peter Roxas, Raymond K.H. See,  George E. Sycip and Marie Grace Vera Cruz as regular directors. Erwin Elechicon and Dobbin Tan, meanwhile, were elected independent directors.

Alliance Select, a tuna company, has been stopped from holding its general membership meeting by its Singaporean shareholders who obtained a temporary restraining order from the Court of Appeals last year.

Later on however, the appellate court decided that the Singaporean bloc would have to pay filing fees of P20 million before it can litigate against the TRO.

Listed food company Alliance Select Foods International Inc. (ASFI) was finally able to conduct its much delayed annual stockholders meeting last week.

But Raymond See, company president, is focused on making the firm grow even amid the debacle.

“We thank the company’s shareholders for the strong support, trust and confidence they have clearly manifested in the management team by providing the necessary resources to support (capital expenditures) growth projects and maximize plant utilization,” said See.

The board voting pushed through with unanimous support from shareholders proxies, which represented 80 percent of total shares.

Pacis, the newly-elected board chairman, is a graduate of Ateneo Law School and also holds a master’s law degree from Harvard Law School.

He is currently with the Pacis and Reyes Law Office.

Roxas, a graduate of Ateneo with a degree in economics, is President of Eagle Equities. He is concurrently a director for the publicly listed DFNN Inc. and of Kimquan Trading Corp.

Tan, elected as independent director, is a management engineering graduate. He obtained his master’s degree in business from the University of Chicago, Booth School of Business.

He is currently the chief executive officer of New Sunlife Ventures.  

“We remain committed to addressing the company’s challenges, more so now with the overwhelming mandate of our shareholders,” See said.

“We have identified areas that can stand further improvement to allow for maximizing assets and ultimately, enhance shareholder value,” he added.