Canned Fish Exporter Increases Stake

Alliance Tuna International has increased its stake in New Zealand smoked salmon processor Prime Foods as part of its overseas expansion.

The company said it has raised the stake to 50% plus one share from 39.4% previously.

The additional shares were acquired for NZ$1 a share, or the par value of its stocks.

Alliance now has one million and one shares of Prime Foods.

Based in the Philippines, Alliance Tuna started commercial tuna processing operations and canning in 2004 and exports to over 50 countries.