Alliance Select Food International Inc. has bought the remaining shares in a property subsidiary for P54 million, in line with the company’s long-term expansion plans.
In a disclosure to the Philippine Stock Exchange, Alliance Select said its subscription to 54 million preferred shares in Alliance MHI Properties Inc. (AMHI) at P1 per share was approved by the property firm’s board of directors.
Alliance Select now holds 98.9 percent of AMHI from 40 percent previously.
The seafood processing firm said the 54 million preferred shares came from AMHI’s capital stock of P60 million, which was increased from P4 million.
Alliance Select on Wednesday said the increase in capital stock was approved by the Securities and Exchange Commission on December 23.
AMHI is a property holding company which owns the land Alliance Select leases for its processing facilities in General Santos City.
Alliance Select exports canned seafood products to Europe, North America, Asia, Africa and South America, including institutional and retail packed canned tuna, smoked salmon, salmon by-products and fishmeal.
Its main facility in General Santos is operated by subsidiary Big Glory Bay Salmon and Seafood Company Inc.