MANILA, Philippines - Alliance Select Foods International Inc. has established a Singapore-based firm, as it readies listing on the Singapore Exchange's SGX-Catalist Board this year.
In a disclosure on the Philippine Stock Exchange on Friday, Alliance Select said its wholly-owned subsidiary, Alliance Select Foods Pte Ltd., will have an initial issued and paid up share capital of SGD10 with 10 ordinary shares worth SGD1 apiece.
"The primary activity of the subsidiary will be that of a general wholesaler and trader and as an investment holding company," Alliance Select said.
The firm, one of the country's biggest manufacturers of canned tuna and smoked salmon, last year unveiled plans of listing on the Singapore Exchange.
Alliance Select in November said it will be listing on the SGX-Catalist Board through an offering of Singapore Depository Shares, provide investors a convenient way of pouring funds into non-Singapore securities.
A big part of Alliance Select's annual revenues come from the sales of its canned tuna, manufactured in the Philippines and Indonesia. The firm also exports over 150 brands of canned tuna mainly to Europe and the US.