MANILA, April 1 (PNA) — Seafood producer and exporter Alliance Select Foods International Inc. has secured the approval of majority of stakeholders to double its authorized capital stock to PHP3 billion.
The company told the local bourse that two-third of its shareholders voted to approve for the increase of its authorized capital stock to three billion common shares at PHP1.00 a-piece during a stockholders’ meeting held on Tuesday.
It said funds the company will be raised from subscription to the new shares have been earmarked for working capital requirements and capital expenditures.
“We’re continuing to address all the issues relative to enhancing Alliance’s capacities, efficiencies and profitability. We will not let up,” said company president and chief executive officer Raymond See.
“The ensuing capital we hope to raise from this exercise would prove invaluable to Alliance’s operations and growth. It will result in a company truly better poised for more active competition both here and abroad,” See added.
However, Singaporean director Hedy Yap-Chua said she will not subscribe to the new shares despite a dilution in her stake from 24 percent to 12 percent and losing her board seat.
“How can you keep subscribing when you can’t see the results? Subscribing would not be a good idea,” she told reporters.
Chua’s legal counsel from Romulo Mabanta Buenaventura Sayoc & De Los Angeles claimed that the PHP563-million capital infusion of new investor, Strongoak Inc., did not improve the company’s financial condition. (PNA)