Alliance Select Takes Out Loan To Buy Maranaw Canneryff

Source: Business World

Listed Alliance Select Foods International Inc., formerly Alliance Tuna International Inc., has borrowed more than P100 million for its subsidiary to acquire a property and a canning plant in Mindanao.

In a disclosure on Thursday, Alliance Select Foods International said it “signed today as a co-borrower for its subsidiary, Alliance MHI Properties, Inc., in obtaining P130 million from the Land Bank of the Philippines.”

“Alliance Select Foods International has also extended a cash advance to Alliance MHI Properties in the amount of P90.546 million,” it added.

Subsidiary Alliance MHI Properties will buy a property and plant from Maranaw Canning Corp. The canning plant is currently used by the listed firm for tuna processing operations.

Shares in the tuna producer, whose profits fell by 62% to $687,912 in the nine months that ended in September last year, closed P0.03 higher at P1.53 each on Thursday.