Alliance Select Food International (ASFI) is to list on the Singapore Exchange Securities Trading’s Catalist Board with a proposed offering of Singapore Depository Shares (SDS) representing common shares of Alliance.
In a disclosure to the Philippines Stock Exchange (PSE), where it is already listed, the company said its board had approved the issuance of a maximum of 430.3m shares from its authorised capital stock to implement the transaction. These shares will be deposited with a Depository Bank, the company said, and the SDS will be issued by a Depository Bank with the ratio between SDS and ASFI’s common shares yet to be determined.
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ASFI, which is the largest canned tuna producer in the Philippines, said the offering would enable it “to raise additional funds to finance its future growth”. It will be the only company to be listed both in the Philippines and Singapore.
CEO Jonathan Dee was quoted as saying the company aimed to double in size with a year.
The company added that the listing and the offering remained subject to approval by relevant authorities and the approval of certain resolutions by Alliance’s stockholders at a stockholders’ meeting to be convened.
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