Alliance select targets SGX listing

Tuna and salmon processor Alliance Select Foods International, Inc. is planning to list its Singapore Depository Shares (SDS), which are foreign shares held on deposit by a custodian bank, in Singapore Stock Exchange (SGX) by the second half of this year.

In an interview Alliance president Jonathan Dee said they will be offering SDS with underlying common shares equivalent to at least 15 percent of the firm's outstanding capital since this is the minimum requirement for listing in the Singapore bourse.

Dee said Alliance Select currently has a public float of about 35 to 40 percent of its outstanding capital but they will make sure that the major shareholders retain majority control over the company after the Singapore listing.

While its currently listed only in the Philippine Stock Exchange, Alliance Select already has several

Singapore investors as its largest shareholders who also sit in the firm's board as directors.

Alliance Select has recently put up a Singapore-based subsidiary in line with plans to be the first publicly-traded Philippine company to debut in Singapore.

The firm said it has established wholly-owned, Singapore-based unit Alliance Select Foods Pte. Ltd. with an initial issued and paid up capital of SG$10.00.

''The primary activity of the subsidiary will be that of a general wholesaler and trader and as an investment Holding Company,'' Alliance Select corporate information officer Rajat Balain said.

The firm said earlier that it aims to list on the SGX-Catalist Board in 2013. The impending listing will raise new funds by way of an offering of Singapore Depository Shares representing common shares of Alliance.

''We are excited about our proposed listing in Singapore. Singapore's capital markets are well developed and the cost of funding is significantly lower than in the Philippines,'' said Dee.

He noted that listing in Singapore ''is an efficient way for us to broaden our shareholder base as we embark on our global expansion plans... The fund raising will help to support future growth for the company.''

Alliance's dual listing through the issue of Singapore Depository Shares, provides Singapore investors with a convenient way to invest in non-Singapore securities without having to bother with the complex details of cross-border transactions.

The firm currently derives about three quarters of its annual revenue from the sales of canned tuna which it manufactures in two factories in the Philippines and Indonesia. The factories have combined production capacity of 230 tonnes a day.

Alliance exports over 150 brands of canned tuna, mostly under a private label arrangement with major supermarket chains in some 60 countries. Its biggest export markets are in Europe and the US, where tuna is one of the largest selling seafood.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Fight vs online libel goes to the UNHCR Ederic Eder, Yahoo! Southeast Asia - The Inbox
    Fight vs online libel goes to the UNHCR

    Commentary By Ellen T. Tordesillas Last Tuesday, while in Baguio City for their summer session, the Supreme Court denied all the Motions for Reconsideration on Online Libel which it upheld in its Feb. 18, 2014 decision. It will be recalled … Continue reading → …

  • Book chronicles efforts for PWD-friendly polls VERA Files - The Inbox
    Book chronicles efforts for PWD-friendly polls

    By Melissa Luz Lopez, VERA Files A lot have been done but much still need to be done for a hassle-free  participation of  Persons with Disabilities in elections,according to a book published by The Asia Foundation (TAF) and supported by … Continue reading → …

  • The other side of Palawan Ellen Tordesillas, Contributor - The Inbox
    The other side of Palawan

    By Ellen T. Tordesillas Mention Palawan and what comes to mind are Underground River and El Nido in the northern side of this richly-blessed province from its capital, Puerto Princesa. Three weeks ago, we went to the southern side- in … Continue reading → …

POLL
Loading...
Poll Choice Options