PSE approves Del Monte Pacific’s US$-denominated preferred shares
Del Monte Pacific Ltd. today announced that the Philippine Stock Exchange has approved its US dollar-denominated preferred shares offer.
Del Monte earlier announced it will be issuing as much as $360 million worth of dollar denominated preferred shares, with the initial tranche amounting to only $250 million with the balanced to be issued within three years.
In a disclosure to the stock exchange, Del Monte Pacific said it received the PSE’s notice of approval on the issuance of the dollar-denominated preferred shares on March 17, 2017 subject to certain conditions and that it has secured all other regulatory approvals.
The company said the PSE and the eligible brokers have completed the upgrading of their systems to allow for dollar-denominated transactions.
Del Monte Pacific will hold an investor roadshow presentation on March 22, 2017. The offer period for the shares is from March 22 to 28, 2017. The listed date is scheduled for April 7, 2017.