Friday 23 February
Powered by Ajaxy
Feb 7, 2018 @ 16:16

Del Monte to raise P16.7B from IPO

Food and beverage conglomerate Del Monte Pacific Limited (DMPL) aims to list its wholly-owned Philippine subsidiary, Del Monte Philippines Inc. (DMPI), on the Philippine Stock Exchange (PSE) mainly for debt repayment and general corporate purposes.

DMPL disclosed to the PSE that its subsidiary has filed application documents for a proposed initial public offering (IPO) of common shares comprising the sale of 20 percent of its issued capital by way of a secondary offer.

It plans to raise P16.7-billionfrom the sale of 559.464 million secondary shares for as much as P29.88 each.

DMPI on Monday applied for the registration of the offer shares with the Securities and Exchange Commission, and for the listing of all its issued and outstanding common shares, including the offer shares, with the PSE.

The offering will be subject to receipt of the requisite regulatory approvals and market conditions.

BDO Capital & Investment Corporation has been appointed as the issue manager, the sole global coordinator and the sole book runner for the offering.

About two-thirds of DMPI’s sales come from the Philippines predominantly under the Del Monte brand, and one-third from the export markets under the S&W brand and through private label.

DMPI is a market leader in canned pineapple juice and juice drinks, canned pineapple and tropical mixed fruits, tomato sauce, spaghetti sauce and tomato ketchup, and is a household name in the Philippines.

It also operates one of the world’s largest fully-integrated pineapple operations, and has been growing and processing pineapple for over 90 years, supporting its market leadership and high quality products. (PNA)



 

Trending News

Recommended on sister sites

Copyright © 2018 Food Evolution - Latest News on Celebrities, Politikos and Businessmen that loves food!. TechCellar.com