InterAksyon.com means BUSINESS
MANILA, Philippines -- Alliance Select Foods International Inc. obtained regulatory approval to acquire nearly all the shares of its Indonesian unit in a bid to expand its presence in that Southeast Asian country.
The listed tuna canner told the local bourse that the Indonesia Investment Coordinating Board and Department of Law and Human Rights have approved the change in ownership and the acquisition of another 500,000 shares in PT International Alliance Foods Indonesia.
Alliance Select paid $500,000 for the shares acquired from PT Wailan Pratama, thus increasing the Philippine company's stake in the Indonesian subsidiary to 99.98 percent from the current 89.98 percent.
Last week, PT International Alliance secured a tuna fishing allocation within Indonesia's exclusive economic zone.
Alliance Select put up PT International Alliance in May 2008 to buy the assets of an Indonesian tuna canner operating in Bitung, North Sulawesi.
Apart from its tuna business, Alliance Select is also expanding its smoked salmon operations, with US-based unit Spence & Co. securing contracts to supply big retailers in North America.
InterAksyon.com means BUSINESS
Who has accounts in offshore tax havens? Investigative journos post database online
COCKTALES | PCSO names PNoy campaign funder to arbitrate lotto case of Cojuangco in-law
FAT-FREE ECONOMICS | Breaking down the Philippine economy's stunning 7.8-pct growth in 1Q
