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Alliance Select revenue up, plans future growth

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By SeafoodSource staff
18 September, 2012 - Listed canner Alliance Select Foods International, Inc. plans to raise more funds “to finance future growth” by listing at the Singapore Exchange Securities Trading Ltd. (SGX-ST) Catalist Board, the company said in a disclosure yesterday to the Philippine Stock Exchange.

The company said its board passed a resolution during a meeting yesterday to offer Singapore Depository Shares (SDS), representing Alliance Select common shares, at the SGX-ST Catalist Board. CIMB Bank Berhad’s Singapore Branch was tapped as financial adviser for the transaction.

“The listing of the SDS on the SGX-ST’s Catalist Board will enable Alliance Select to raise additional funds to finance its future growth,” the disclosure read.

Alliance Select’s board authorized the issuance of up to 430,286,226 common shares from its authorized capital stock to constitute underlying shares that will be placed in a company-appointed depository bank.

Other details, including time table for the offering, were not immediately available, as the board authorized the firm’s management to determine the offering’s features, terms and conditions. The planned listing will still have to be approved by regulators in the Philippines and Singapore as well as by Alliance Select’s stockholders, the disclosure added.

Click here to read the full story from Business World Online >

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