Alliance Select Foods International Inc. has moved to hike its stake in its Indonesian canned tuna subsidiary to near 100% amid the company’s ongoing international expansion plans, a disclosure to the local bourse showed yesterday.
Alliance Select purchased 500,000 PT International Alliance Foods Indonesia (IAFI) shares from fishing firm PT Wailan Pratama for USD 500,000, increasing the listed firm’s stake in IAFI to 99.98 percent from 89.98 percent, the disclosure stated.
“Alliance Select feels that Indonesia will play a crucial role in the company’s future growth and profitability. The country is extremely rich in marine resources and full control of IAFI will enable it to better plan production schedules and sales strategy to tap additional export markets around the globe,” the firm said.
