Homegrown seafood supplier Alliance Select Foods International Inc. has announced the sale of its US-based subsidiary and some assets in Indonesia.
In a statement, Alliance Select said it had divested Massachusetts-based subsidiary Spence & Co. to Acme Smoked Fish of Massachusetts LLC. It likewise sold the land and building of PT IAFI to PT Multi Nabati Sulawesi, a subsidiary of Wilmar International Limited.
The sale of is part of Alliance Select’s strategy to focus on its Philippine and New Zealand operations.
“Ninety percent of our business is in the Philippines and New Zealand. Growing our operations and maintaining our profitability in these countries is our priority in the medium term.
To ensure the sustainability of our results, we must consolidate our gains and make decisions that are consistent with our objectives,” said Raymond K.H. See, president and CEO of Alliance Select.
Proceeds from the sale will be used to fund capital expenditures and significantly reduce debt.
“Alliance Select is a stronger company today and the goal is to continue this positive momentum. We have a healthier balance sheet and are ready to further invest in our future,” See said.