Alliance Tuna to Increase Stake in Indonesian JV

Alliance Tuna International (ATII) will increase its stake in its Indonesia-based subsidiary to almost 90% by converting cash advances into equity.

The company said the conversion scheme will increase its equity investment in PT International Alliance Foods to $4.5m from $825,600.

ATII’s percentage ownership will increase to 89.98% from 79.92%.

The company’s board also approved a change of name to Alliance Select Foods International and the expansion of its seafood processing plants.

In March, ATII partnered with Prime Foods New Zealand to form Big Glory Bay Salmon and Seafood Company to process and export smoked salmon.