A Hong Kong-based fund, Victoria Fund, has bought 13% or about 80 million shares of listed Thai-Filipino company, Alliance Tuna, at the start of the year 2009 at a price of 1.60 Pesos per share.
“They believe in our strategy of embracing globalization, our global sales and new products and acquisitions to leverage on our already formidable market coverage,” Alliance Tuna president Jonathan Dee said of the block sale.
Dee remarked that Alliance Tuna has been compoundedly growing at about 26% for the past 5 years and expects the rate to push up to 30% this year. This may have caused the attraction of the Hong Kong fund.
In a separate disclosure, the company plans to acquire a 51% stake in Prime Foods New Zealand, which is the second largest seller of salmon-smoked products in New Zealand. The acquisition is said to come in two parts: one to be paid immediately at NZ$650,000 and the other worth NZ$500,000 to be paid later in the year.
Alliance Tuna and Prime Foods plan to form a joint venture of selling salmon to the rest of the world excluding New Zealand.
Alliance Tuna is primarily engaged in the canning of tuna for institutional and retail-pack sizes. In the first nine months of 2008, it reported $18 million revenues from the institutional size and $19 million from the retail size.
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