MANILA, Philippines — Homegrown seafood company Alliance Select Foods International Inc. said Thursday it would sell its US-based subsidiary and its assets in Indonesia to focus on its operations in the Philippines and New Zealand.
In a disclosure to the stock exchange, Alliance Select announced the sale of its Massachusetts-based subsidiary, Spence & Co., to Acme Smoked Fish of Massachusetts LLC.
It will also sell the land and building of PT IAFI to PT Multi Nabati Sulawesi, a subsidiary of Wilmar International Limited.
Proceeds from the sale will be used “to fund capital expenditures and significantly reduce debt.”
“Ninety percent of our business is in the Philippines and New Zealand. Growing our operations and maintaining our profitability in these countries is our priority in the medium term,” Alliance Select president and CEO Raymond K.H. See said.
“To ensure the sustainability of our results, we must consolidate our gains and make decisions that are consistent with our objectives,” See added.
The listed seafood company reported a net income attributable to the parent of $14,427 in the April to June period, lower than $986,095 in the same period a year ago.
This came amid a 4-percent decline in net sales to $23.498 million for the quarter. — Ian Nicolas Cigaral