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Alliance Select Foods seeks landmark SGX Catalist listing
It could be the first Philippine-based listed firm.
In a release, Alliance Select Foods International, Inc. (Alliance), one of Philippine’s largest manufacturers of canned tuna and smoked salmon, announced that it is seeking to list on Singapore's SGX-Catalist Board in 2013. Alliance said that the move will make it the first publicly-traded Philippines company to debut in Singapore.
"The impending listing will raise new funds by way of an offering of Singapore Depository Shares representing common shares of Alliance," it said.
Alliance is listed on the Philippine Stock Exchange with Singapore investors among the largest shareholders. Its directors include architect/businessman, Dato Sri Dr Albert Hong, OBE, Chairman of RSP Architects Planners & Engineers, private investor Ms Hedy Chua, and Independent Director Mr S Chandra Das.
Group Chief Executive Officer and founder Jonathan Dee said: "We are excited about our proposed listing in Singapore. Singapore’s capital markets are well developed and the cost of funding is significantly lower than in the Philippines. We feel this is an efficient way for us to broaden our shareholder base as we embark on our global expansion plans.
“Seafood consumption around the world, particularly in Asia, is growing because of rising affluence and the trend towards healthy eating. The fund raising will help to support future growth for the company.”
Alliance said that its dual listing through the issue of Singapore Depository Shares, which are foreign shares held on deposit by a custodian bank, provides Singapore investors with a convenient way to invest in non-Singapore securities without having to bother with the complex details of cross-border transactions.
In the nine months of 2012, Alliance's reported profit attributable to shareholders was US$1.625 million, on revenue of US$57.195 million, up 78%.
Mr Dee said: “Asia currently accounts for two-thirds of seafood consumption in the world and we believe that demand in the region will rise as sustained growth in fish production and improved distribution channels make seafood more accessible to consumers.”
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