Alliance Select to raise P1B via stock rights offer

SEAFOOD processor Alliance Select Foods International Inc. is set to conduct a P1-billion stock rights offering to fund its operations and expansion program.

In a disclosure to the Philippine Stock Exchange, Alliance Select said its board of directors has approved an increase in the company’s authorized capital stock to P3 billion from P1.5 billion to give way to the planned stock rights offer that would raise up to P1 billion in fresh funds.