Alliance Tuna to launch IPO Oct 23

Alliance Tuna International Inc. hopes to raise P214 million through an initial public offering (IPO) to fund its expansion plans. The firm is one of the Philippines' largest tuna canning facility with a rated capacity of 200 metric tons per day with a workforce of over 2,000 employees. Its plant is located in General Santos City in South Cotabato, Mindanao, near the international fish port. In its offering circular at the Philippine Stock Exchange, the tuna canning firm said it will offer 134 million shares to the public at a price range of P1.20 to P1.60. The offering will run from October 23-27. It has tapped Abacus Capital & Investment Corp. as issue manager and underwriter for the IPO. Alliance Tuna hopes to list on the PSE on November 8. - GMANews.TV