Alliance buys 6 fishing vessels for tuna supply
MANILA, Philippines – Seafood producer Alliance Select Foods International Inc. has acquired six commercial tuna vessels worth $15 million, giving the company better control of fish supply such as for its canned tuna processing plant in General Santos City in Mindanao.
In a disclosure to the Philippine Stock Exchange on Monday, Alliance said it had acquired the vessels from BSJ Fishing & Trading Inc., fully settling the latter’s obligation to the company for fish deposits.
“With the acquisition of the fishing vessels, ASFII expects to ease its dependence on fish suppliers for its tuna business as it will give the company direct access to raw materials,” ASFII spokesperson Rajat Balain said.
Balain said this moves another step by ASFII in the direction of “vertical integration,” following the incorporation in May 2012 of PT Van de Zee, an Indonesian fishing company which is 80 percent owned by the company’s Indonesian subsidiary PT IAFI. This offshore unit has already secured a fishing allocation from the Indonesian government.