Following a Banner Year, Alliance Select Re-Elects Directors at 2019 Stockholders’ Meeting
Publicly listed international seafood company Alliance Select Foods International, Inc. (PSE: FOOD) held its annual stockholders’ meeting (ASM) on June 25, 2019 at the Philippine Stock Exchange Auditorium. At least a majority of the stockholders of the Company have elected the same set of directors, Raymond K.H. See, Atty. Antonio C. Pacis, Atty. Gabriel A. Dee, Marie Grace T. Vera Cruz, Joseph Peter Y. Roxas, Dobbin A. Tan, and Erwin M. Elechicon, following a banner year performance under their leadership in 2018.
FOOD saw a 35% increase in revenue, up from US$72M in 2017 to US$97M in 2018. The Company also grew profit by 67%. Net income before tax registered a rise of nearly 7x its 2017 figure, leaping from US$562K to $3.5M.
“2018 continued the upward trajectory of the Company’s financials, and it exceeded set targets,” said Alliance Select’s Chief Executive Officer Raymond K.H. See. “With our record performance, we keep our focus on delivering sustainable cash flows and long-term growth for the business,” See said.
During the ASM, the Company also announced that it has launched a scholarship program “Bay of Gold: To the Future.” The scholarship will be available to local residents aiming for a college degree in BS Marine Biology or BS Fisheries from Mindanao State University.
“Bay of Gold’s thrust is Reverence for the Ocean’s Bounty. We want the Earth inherited by future generations to retain its abundant resources. To do that, we must cultivate a culture of deep respect and gratitude for the environment. And we hope to achieve this through investing in marine science scholarship and making it accessible. Following ASFII’s Greenpeace #1 Ranking in 2018, we are now extending our approach to sustainability not just to the oceans, but to people,” See said.
