ALLIANCE Select Foods International Inc., a listed processed fish exporter, said net income is forecast to grow by almost two times to $3.2 million, thanks to an uptick in sales.

During an investors’ briefing on Tuesday, Alliance Select president Jonathan Dee said revenues are expected to grow to $78 million, from $48.35 million in 2010, after consolidating sales from US-based smoked salmon processor Spence & Co. in the middle of the third quarter.

“One of our long-term plans is to consolidate the market in the US by acquiring regional brands [there],” Dee said in his presentation. “We found the US market fragmented.”

Dee said Spence & Co. will be a bigger contributor in 2012, accounting for 20 percent of net income.

Also seen to boost earnings this year is the contribution from a $1.5-million seafood plant in General Santos City. To be inaugurated next month, the plant has a daily processing capacity of three tons.

Alliance Select shares declined 1.63 percent to P1.21 each on Tuesday’s trading, giving the company a market value of P1.05 billion.

Alliance Select is set to hold its P272.27-million stock rights offering from July 4 to July 13, proceeds of which will be used to partly pay for the acquisition of Spence & Co. It is offering one rights share for every 2.2 common shares held by stockholders as of record, a memorandum posted on the PSE’s website showed.

Abacus Capital and Investment Corp. was tapped as issue manager and underwriter for the rights offering.

Alliance Select announced earlier that the acquisition of Spence & Co. will cost the company around $8.5 million.

Formerly Alliance Tuna International Inc., Alliance Select started commercial operations in 2004 when it engaged in tuna processing, canning and export.