SEC okays hike in Alliance Tuna’s authorized capital
The Securities and Exchange Commission (SEC) has approved an increase in the authorized capital stock of Alliance Tuna International Inc. from P700 million to P950 million.
Out of the capital hike, P64.18 million will be subscribed and paid by way of stock dividends to shareholders of record as of Nov. 20, 2007. This translates into a stock dividend of 12 percent.
The stock dividends will be paid on Dec. 17, 2007, Alliance Tuna said.
Alliance Tuna, A Thai-Filipino joint venture, with one of the largest processing capacities in the country, is the only listed company in both the tuna industry and the Socsargen area. It has gained accreditation from the European Union and the USFDA.
The company can process a combined 120 metric tons of yellowfin and skipjack tuna per day.
Alliance Tuna sells around 1.5 million cases of Canned tuna products a year, just one percent of the global market of 150 million cases.
It is one of the country’s largest exporters of canned tuna, with its clientele now spread over 47 countries..
Alliance Tuna plans to build up shipments to customers in its non-traditional markets, which include Africa, Bahamas, Chile, Libya, Puerto Rico, Russia, Saudi Arabia, Yemen, and Carribean countries.
South Africa, with perhaps the most strict canned food standards in the world, is becoming an increasingly important market for Alliance Tuna. – Zinnia dela Peña
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