ALLIANCE SELECT DROPS US, INDONESIA ASSETS IN FAVOR OF PH, NEW ZEALAND

Listed homegrown seafood company Alliance Select Foods International Inc. is focusing on its operations in the Philippines and New Zealand after it decided to sell its US subsidiary and Indonesian assets.

The company reported in a disclosure to the Philippine Stock Exchange (PSE) on Thursday the sale of its Massachusetts-based subsidiary

Spence & Co. to Acme Smoked Fish of Massachusetts LLC and the sale of its land and building assets under PT International Alliance Food Indonesia (PT IAFI) to Wilmar International Limited’s subsidiary, PT Multi Nabati Sulaweesi.

“The sale of both Spence & Co. and assets of PT IAFI is part of Alliance Select’s strategy to focus on its Philippine and New Zealand operations,” the company said.

"Growing our operations and maintaining our profitability in these countries is our priority in the medium term. To ensure the sustainability of our results, we must consolidate our gains and make decisions that are consistent with our objective,” Alliance Select president and CEO Raymond K.H. See added.

Proceeds from the sale would be used to significantly reduce the company’s debt while also funding capital expenditures.

Alliance Select recently invested almost $2 million in its facilities and research to contribute to its bottom line and long-term growth. It also introduced new product offerings such as pouched tuna variants and frozen tuna loins following the expansion of its production line and distribution channels.

The Philippines and New Zealand make up 90 percent of the company’s operations. Locally, the company is operating in General Santos City in Mindanao.