Tuna canner Alliance signs deal with 2 firms to create new company

Listed tuna canner Alliance Select Foods International Inc. (Alliance) has signed a joint venture agreement with two other companies to ensure the supply of fish to its cannery in General Santos City. The two companies were CHL Fishing Industry, Inc (CHL) and CHL Construction and Development Enterprises, Inc (CHLC), according to Alliance in its disclosure to the local bourse Thursday. Alliance said the agreement was for the creation of a fishing company that will be called Wild Catch Fisheries, which Alliance said will have an initial authorized capital stock of P16 million consisting of 16 million common shares with a face value of a peso per share. The time of incorporation, the parties shall subscribe to four million common shares with an aggregate par value of P4 million. Alliance shall purchase all of the tuna catch of the joint venture company to ensure a "steady and consistent" supply of fish to its cannery in the South. — KBK, GMA News