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Alliance Tuna Increases Their Stake In Indonesian Unit

Indonesian canned tuna producer PT International Alliance Food is now almost wholly owned by the Philippines’ Alliance Select Foods International Inc.
Alliance Select, formerly Alliance Tuna International Inc., said it increased its stake in the unit to 99.98% from 89.98% by acquiring additional 500,000 shares for $500,000.
“Alliance Select feels that Indonesia will play a crucial role in the company’s future growth and profitability,” the company said in a disclosure to the Philippine Stock Exchange.
“The boost in stake by the parent company is being done at a time when the company plans to aggressively increase its production and marketing efforts in Indonesia,” it added.
The transaction is still subject to the approval of regulators in Indonesia.
Alliance Select is the leading canned tuna manufacturer in the Philippines, exporting products to over 50 countries worldwide. Its factories in General Santos City and Bitung, North Sulawesi in Indonesia have a daily capacity of 200 metric tons of tuna products.