Tuesday, September 16, 2008 RP tuna investors rising in Indonesia
THE move to acquire a tuna-canning factory in Indonesia has proven right for a consortium of Filipino investors in the wake of the ban imposed by Jakarta on the export of its tuna stocks, one of the capitalists based in General Santos City said.
Domingo T. Teng, owner of TSP Marine Ventures Inc., said eight Philippine-based and two Indonesia based investors have taken over the operations of PT Sinar Purefoods, one of Indonesia's leading exporting tuna canneries.
"The cannery has a processing capability of about 100 tons a day of raw tuna. Tuna stocks are cheaper and abundant over there," he said in a recent interview.
The Ayala-controlled PT Sinar Purefoods was put on the market as it was suffering loses, added Teng, who declined to reveal the cost of acquisition.
Marfenio Y. Tan, a local fishing magnate, is part of the consortium that bought PT Sinar, Teng said.
The Filipino group holds 80 percent of the stakes while the rest is owned by Indonesian businessmen in line with Jakarta's ownership requirement, Teng said.
Indonesia has restricted the foreign shipment of its raw tuna stocks as it strives to develop its own tuna industry.
The move was in line with efforts to draw more foreign investments in Indonesia's tuna industry and create jobs for the locals.
The Philippine government is trying to work out the lifting of the ban by Indonesia in consideration of the local tuna industry in this city, touted as the "Tuna Capital of the Philippines."
Six of the country's seven tuna canneries are located in this premier port city.
Among the local firms that have investments in Indonesia's tuna industry are the RD Corp of fishing tycoon Rodrigo E. Rivera Sr. and that of the Damalerio Group of Companies.
Alliance Tuna International Inc., one of the canneries in General Santos City, has also acquired 70 percent of another canning plant in Indonesia.
