Manila, The Philippines-based seafood company, Alliance Select Foods International, has exited its assets in the United States and Indonesia to focus on the markets in its home country and New Zealand.
In a disclosure to the Philippine Stock Exchange on 24 October, Alliance said it already sold its Massachusetts, U.S.A.-based salmon smoker Spence & Co. to Acme Smoked Fish of Massachusetts LLC. It also announced the sale of its land and building assets under tuna canning subsidiary PT International Alliance Food Indonesia (PT IAFI) to agribusiness firm Wilmar International Limited’s subsidiary. Proceeds from the sale would be used to reduce the company’s debt and fund capital expenditures, the statement said.
“Growing our operations and maintaining our profitability in these core countries are our priority in the medium term,” Alliance Select President and CEO Raymond K.H. See said.
Alliance Select started out as Alliance Tuna International in 2004, engaging in tuna processing, canning, and exports of canned tuna products. In 2008, Alliance began expanding its tuna business, and established PT IAFI. The company further expanded to salmon and other seafood processing and sales by forming Big Glory Bay Salmon and Seafood Company, Inc. (BGB) in General Santos City in the Philippines in 2009 and acquiring Spence in the U.S. in 2011. Alliance also went into salmon farming and processing by investing in Akaroa Salmon (NZ) Ltd. (Akaroa) in New Zealand in 2012.
Alliance reported its net income attributable to equity holders of the parent rose 76 percent to USD 2.52 million (EUR 2.26 million) in 2018, on the back of robust sales of tuna. Its revenues soared 35 percent to USD 97.13 million (EUR 87.63 million) last year.
