PSE suspends trading of Alliance Select shares

Canned fish exporter Alliance Select Foods International Inc. is set to acquire a US-based manufacturer of smoked salmon and seafoods. In a statement to the Philippine Stock Exchange on Tuesday, Alliance Select Foods said that its subsidiary, ASFI Choice Foods, signed a stock purchase agreement with Spence & Co. The agreement states that ASFI will acquire the entire Spence & Co. for $8.5 million. "...the Board of Directors of Alliance passed a resolution for the company to guarantee the performance by Choice Foods of its obligations under the SPA and related agreements," the company said. Citing disclosure rules, the PSE said it has suspended the trading of Alliance Select Foods' shares starting today pending the submission of complete details of the transaction and financial statements of the acquired company to the Exchange. -- CMA/OMG, GMA News