Alliance Select shareholders vote to increase authorized capital stock

Manila–(PHStocks)–Alliance Select Foods International Inc. (PSE : FOOD) reported receiving more than 2/3 shareholder approval for the increase in the company’s authorized capital stock during a Special Stockholders’ Meeting held 31 March 2015.

Specifically, the stockholders’ vote of approval was for the increase of the company’s authorized capital stock from 1.5 billion common shares with a par value of PhP1.00 per share, to 3 billion common shares with a par value of PhP1.00 per share.

“My first three months as President have been hectic but productive. And the shareholders’ approval to increase Alliance’s authorized capital stock is heartwarmingly encouraging. I view it as a vote of confidence in the direction I, together with the new management team, have set out on,” said Raymond See, who assumed the position of President and CEO for Alliance Select just last December.

“We’re continuing to address all the issues relative to enhancing Alliance’s capacities, efficiencies and profitability. We will not let up. The ensuing capital we hope to raise from this exercise would prove invaluable to Alliance’s operations and growth. It will result in a company truly better poised for more active competition both here and abroad,” he explained.

Funds the company will raise from subscription to the new shares have been earmarked for working capital requirements and capital expenditures.