ALLIANCE Select Foods International, Inc. on Thursday said it would ask the Securities and Exchange Commission (SEC) to reconsider its decision to nullify the private placement of the company鈥檚 shares in 2014 and its stock rights offering in 2015.
In a regulatory filing, the company said it had received a resolution from the SEC ordering the commission鈥檚 sheriffs to implement the cancellation of the shares acquired by Strongoak, Inc. via the private placement and stock rights offering.
鈥淸Alliance Select] will file a Motion for Reconsideration with the SEC and exhaust all other available remedies,鈥 it said.
The company said it would also file with the Court of Appeals a manifestation with an urgent reiterative motion for the issuance of a temporary restraining order and/or writ of preliminary injunction.
鈥淸The company] will continue its business operations of processing, canning, distributing, and exporting tuna products,鈥 it said.
鈥淚t continues to implement strategic plans and initiatives to grow the business and improve the Company鈥檚 financial condition,鈥 it added.
The legal proceedings stemmed from a complaint filed against Alliance Select in November 2020, which alleged that Strongoak acquired a majority stake in the company without first conducting a tender offer in violation of Section 19 of the Securities Regulations Code.
In May 2022, the SEC鈥檚聽Markets and Securities Regulation Department (MSRD) dismissed the complaint for prescription and forum shopping.
In January this year, the company received an SEC en banc decision dated Dec. 15, 2022 reversing the MSRD ruling.
According to Alliance Select鈥檚 latest public ownership report, Strongoak is its majority shareholder owning 55.32% or 1.38 billion shares.
Alliance Select is a 鈥減rivate label鈥 manufacturer of canned tuna. It processes and cans tuna in institutional and retail pack can sizes using its customers鈥 brands.
Its subsidiaries include Big Glory Bay Salmon & Seafood, Inc.; PT International Alliance Food Indonesia; and Alliance MHI Properties, Inc.
On Thursday, its shares closed unchanged at P0.53 apiece. 鈥 Adrian H. Halili
