Alliance Select buys out New Zealand partner

LOCAL seafood processor Alliance Select Foods Inc. has completed the acquisition of an additional 32-percent interest in a local salmon business from its New-Zealand based partner in the form of a loan settlement.

In a disclosure to the Philippine Stock Exchange on Thursday, Alliance Select said its New Zealand-based partner Prime Foods NZ has completed the transfer of shares of Big Glory Bay Salmon and Seafood Company (BGB) to Alliance Select, equivalent to a 32 percent stake in BGB.