Alliance Select Foods International, Inc. is reallocating portions of recent fundraising exercise proceeds to beef up operations in General Santos City. The company secured approval from the board to use $2 million of the money made from the P1-billion stock rights offer in 2015. Originally, the money was earmarked for an Indonesia-based fishing company called PT Van De Zee.
The extra $2-million investment increases the share of the facility in General Santos City. After three years of losses, the company is starting to reap a cleanup program’s benefits. The firm benefits from “efforts to secure lower cost raw materials, implement cost-cutting initiatives across all areas of operations, and better customer relationship,” which reduces both administrative and general expenses by 3%.
