SEC okays Alliance Tuna’s IPO

The Securities and Exchange Commission (SEC) has approved the planned initial public offering of Alliance Tuna International Inc. (ATII) to raise about P180.9 million.

ATII is offering a total of 134 million shares to the public at P1.35 each share or around 10.28 times the company’s forecast 2006 fully-diluted earnings per share.

The offering will run from Oct. 23 to 30 while the listing of the shares has been tentatively set on Nov. 8.

The company applied for the listing of about 535.1 million common shares with a par value of P1 each share.

Abacus Capital & Investment Corp. will serve as the lead issue manager and underwriter.

ATII is a producer and distributor of canned tuna for export mainly to the United States, the United Kingdom, Canada and the Middle East. Its plant, based in General Santos, has a daily production capacity of about 120 tons.

The company majority owned by Thai firm Agripure, has the right to lease a plant and machinery from a financial institution in the Philippines until Dec. 2010, with the right to buy the assets throughout the period of the contract.

Agripure’s acquisition of ATII was in line with efforts to diversify its business into canned tuna. Agripure’s core business is River Kwai International Food Industry, a fully-integrated sweetcorn producer and fresh vegetable and fruit exporter, manufacturer and distributor.

ATII will be the third company to list this year.

The two others that earlier debuted on the exchange were First Generation Corp. of the Lopez family, which raised P8.5 billion from the sale of its shares, and Citiseconline.com.

For next year, the PSE is eyeing the listing of 10 firms, which include broadcast firm GMA Network Inc. and some mining companies.

It earlier planned on an initial public offering in July.

In 2005, only two companies – Manila Water Corp. and SM Investments Corp. of retail tycoon Henry Sy were listed on the exchange.