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Alliance Select Foods International, Inc.'s majority-owned subsidiary has secured a tuna fishing allocation in Indonesia.
The listed tuna canner told the local bourse that subsidiary PT International Alliance Food Indonesia (PTIAFI) was recently granted "a much coveted allocation for capture fishing" within Indonesia's exclusive economic zone.
"The above allocation not only gives PTIAFI a very high competitive advantage in an industry whose biggest challenge is access to raw material resource," it said.
PTIAFI, through unit PT Van de Zee, received an allocation from the Ministry of Fisheries and Marine Resources of Indonesia for up to 5,000 metric tons in 2012.
PTIAFI owns 80 percent of PT Van de Zee, the maximum holding allowed for foreigners under Indonesian capture fishing laws. The company is the first foreign investment company granted a capture fishing license and allocation by Indonesian authorities.
The volume allocated to the latter could increase to 30,000 metric tons by 2016 should PT Van de Zee complete a five-year vessel acquisition program.
"This means that by that year, PT Van de Zee would be able to fully support a 100 percent capacity utilization of PTIAFI's processing plant, which has a capacity of 90 metric tons per day," Alliance Select said.
The additional 30,000-metric ton yield translates to a potential annual gross revenue of $66 million pegged at a present value of $2,200 per metric ton for the group.
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