PSE lifts suspension on trading of Alliance Select shares

The Philippine Stock Exchange on Thursday lifted the trading suspension on shares of canned fish exporter Alliance Select Foods International Inc. following the company's compliance to disclose more details about its latest acquisition. In a statement, the PSE said the trading suspension is lifted at 10:00 a.m. today. In its additional disclosure, Alliance Select said it will pay $8.5 million in cash to acquire 100-percent stake in US-based Spence & Co., which manufactures smoked salmon and seafoods. The deal is expected to be closed in August this year. The acquisition will also be funded through a combination of debt and equity. In 2010, Alliance Select said, Spence & Co. recorded a net sales of $11.3 million. -- CMA/OMG, GMA News