LISTED seafood company Alliance Select Foods International, Inc. said it will implement an equity restructuring program to its existing deficit for healthier revenue growth.
“As we complete our turnaround strategy this 2017, we want to restart with a clean slate and position the company to declare dividends moving forward, and at the appropriate time,” said Raymond KH See, Alliance Select President and CEO, in a statement to the stock exchange on Friday.
“This is a necessary adjustment so we can further expedite our efforts and consolidate our recent gains.”
Under this strategy, Alliance Select will reduce the par value of its shares to P0.50 from P1.00.
Equity restructuring is common for companies that clean up their balance sheets.
Alliance Select is a homegrown international seafood company whose products are distributed in various foreign markets including Europe, the US, Japan, and the Middle East.
During the first three months of the year, the company registered a 15% year-on-year increase in revenues at $17 million.
Sales from the firm’s tuna segment rose 14% from last year’s while its salmon sales ended the quarter with a 16% expansion in total sales.
Trading of Alliance Select shares ended Friday at P0.88 apiece, up 4.76%.
