Alliance shareholders OK equity restructuring

SHAREHOLDERS of listed seafood processor Alliance Select Foods International, Inc. have approved the company’s equity restructuring plan, which will reduce the par value of its shares of stock to P0.50 from the current P1.00 so that the resulting additional paid-in capital can be used to eliminate its accumulated deficit.

“However, the number of outstanding shares of the company will not be reduced, and stockholders’ respective ownership interests in Alliance will remain the same,” the company told the Philippine Stock Exchange on Friday.