Alliance Select gets SEC green light on equity restructuring

Alliance Select Foods International, Inc. (FOOD) secured the green light from the Securities and Exchange Commission to undergo an equity restructuring that would wipe out the company’s deficit.

In a statement issued Wednesday, March 28, Alliance Select said it will be reducing the par value of its shares to 50 centavos apiece from P1 each. The company will then apply the resulting additional paid-in capital (APIC) to its retained earnings deficit as of May 31, 2017.

“We are very pleased to receive SEC’s approval of the equity restructuring as this will improve the Company’s financial profile and optimize its performance moving forward,” the company said. — Arra B. Francia