Alliance Select invests in new company to boost tuna base

Listed seafood exporter Alliance Select Foods International Inc. has invested in a new company giving it direct access to raw materials and expanding its tuna supplier base. The new firm, Wild Catch Fisheries (WCF), has already been registered with the Securities and Exchange Commission, Alliance Select told the Philippine Stock Exchange. Alliance Select owns 40 percent of WCF, which is expected to start operations within the year. “With the establishment of WCF, Alliance's tuna supplier base will be further augmented. Backward integration into fishing will give the company direct access to raw materials,” Alliance Select said. “This is another step in the company becoming a fully integrated seafood player,” it added. WCF will deliver all of its catch to Alliance Select and will have one of the most rapidly expanding fishing fleet in the Philippines, the listed firm claimed. The new company will fish in local Philippines' waters, among the world's most fertile tuna fishing grounds. “With this investment, Alliance will have operations across multiple supply chain nodes allowing it to capture profits at each value added stage,” Alliance  said. “The company is now poised to significantly boost its growth and profitability with this investment and is another step in its goal to be a ,significant seafood player on the global stage,” it added. — DVM, GMA News