MANILA, Philippines - Canned tuna exporter Alliance Tuna International Inc. has increased its stake in Indonesian subsidiary PT International Alliance Food Indonesia from 70 percent to 80 percent in a deal valued at $100,000.
With the purchase of additional shares, the stake of the other shareholder, PT Wailan Pratama in PT International Alliance, is now down to 20 percent.
Last year, Alliance Tuna bought into the Indonesian firm located in Bitung, Indonesia for $722,400, saying the “projected high returns from the Indonesian operations will ensure ATI’s continued growth and profitability in the future.”
The Indonesian company a the capacity of 60 metric tons per day with another 20 MT/day capacity for frozen tuna loins and other marine products.
Alliance Tuna exports most of its products to European markets and only 20 percent of its sales is accounted for by the US.
The company expects its net profit to grow by 33.3 percent this year to $4 million compared with the projected 2008 net income of $3 million. Net sales are forecast to grow to $72.8 million, up 37.35 percent from the projected $53 million last year.
Of the expected $72.8 million sales this year, $12 million will come from the company’s operations in Indonesia while the rest will come from exports. — Zinnia dela Peña