MANILA -- Fish canning firm Alliance Select Foods International Inc said Thursday it sold its US unit and Indonesian assets to focus on operations in the Philippines and New Zealand.
Alliance Select did not say for how much it sold Massachusetts-based Spence & Co and the land and building of PT International Alliance Food Indonesia.
Ninety percent of the company's business are in the Philippines and Indonesia, Alliance Select said, adding, "Growing our operations
and maintaining our profitability in these countries is our priority in the medium term."
Proceeds from the sale will be used to fund capital expenditures and pay off debt "significantly," the company said.