Alliance Select Foods International pumps in P184M in GenSan facility
The General Santos facility of Alliance Select Foods International Inc. has received P184.5 million in investments stemming from the closure of the company’s facility in Indonesia.
In a disclosure to the stock exchange, Alliance Select Foods International said it only allocated P418.2 million to the Gensan facility for working capital but it has received P602.7 million.
The company’s facility in Indonesia was supposed to receive P291.1 million but it only got P53.1 million.
Alliance Select Foods International approved the cessation of operations of its Indonesian facility, PT Van de Zee in March last year after Indonesia’s ministry of fisheries revoked its license.
The company generated a total of P993 million in a stock rights offer in which it already planned on spending close to half of it to the General Santos Facility and about a third to the Indonesia facility.