Alliance Select to raise Php1-B via stock rights offering

By Leslie D. Venzon

MANILA, Feb. 17 (PNA) — Listed seafood processor Alliance Select Foods International Inc. on Tuesday said it expects to raise up to Php 1 billion from its stock rights offering (SRO).

In a disclosure to the Philippine Stock Exchange (PSE), the company said its Board approved the conduct of SRO involving up to one billion common shares at an offer price of Php 1.00 per share.

Each stockholder is entitled to subscribe to the SRO based on their proportionate shareholding in the outstanding shares of the company.

Alliance Select said its Board during the meeting also approved the doubling of its authorized capital stock to Php 3 billion. (PNA)