Alsons sells remaining stake in Seafront

LISTED investment holding firm Alsons Consolidated Resources, Inc. said it has sold its remaining shares in Seafront Resources Corp. as part of efforts to strengthen its liquidity and redeploy capital to other investments.

In a regulatory filing on Tuesday, the company said it participated in the voluntary tender offer conducted by Seafront to acquire up to 34.58 million common shares, equivalent to 21.21% of its issued and outstanding shares.

Alsons, which held 15.54 million shares representing 9.54% of Seafront’s shares, applied to tender all of its shares at P2.70 each.

Valued at P41.97 million, the company said the transaction forms part of its portfolio management strategy, allowing it to convert its investment in Seafront into liquid funds.

“The proceeds from the disposition are expected to strengthen [Alsons’] liquidity position and may be redeployed to support other investments, capital requirements, and strategic initiatives of the company,” it said.

Seafront was originally incorporated as an oil exploration and production company before shifting its business to become a holding company, while retaining oil exploration and production as one of its secondary purposes.

Alsons is the investment holding company of the Alcantara group, with core interests in power generation and land development.

At the local bourse on Tuesday, shares in Alsons Consolidated Resources closed unchanged at P0.75 apiece. — Sheldeen Joy Talavera