Tuna canner Alliance Select Foods International’s majority-owned subsidiary has been granted a much coveted allocation to fish within Indonesia’s Exclusive Economic Zone.
Alliance Select said that its tuna-processing subsidiary PT International Alliance Food Indonesia (PTIAFI), through its subsidiary PT Van de Zee, achieved a breakthrough in raw fish supply after it was granted a tuna fishing allocation by the Indonesian government. This makes it the first foreign investment company to be granted a capture fishing license and allocation in Indonesian fishing grounds.
Indonesia’s Ministry of Fisheries and Marine Resources has accepted PT Van de Zee’s fees for an initial allocation of 5,000 metric tons for 2012. Conditional on the fulfillment of its five-year vessel acquisition program, the company has the potential to increase its annual allocation to 30,000 metric tons. By 2016, PT Van de Zee would be able to fully support 100 percent utilization of PTIAFI’s processing plant, which has a capacity of 90 metric tons per day.
PT Van de Zee will likely boost the overall value of the Alliance Group, as its optimum yield of 30,000 metric tons per year would translate to an annual gross revenue of USD 66 million based on the present value of USD 2,200 per metric ton.
