Del Monte Philippines to sell shares

Del Monte Philippines Incorporated (DMPI) recently announced it will raise PhP16.7 billion through an initial public offering, according to a report in the Inquirer. The company bared plans to offer 559.64 million shares, at PhP29.88 per share. The amount is about 20% of DMPI’s shares.

The producer of canned fruit, fruit juices, tomato sauce, and catsup in the Philippines will use the funds to prepay or repay some loan facilities, the report said.

The company has applied an application to register and sell secondary shares at the Securities & Exchange Commission, as well as an application for the listing of shares at the Philippine Stock Exchange Commission. It has named BDO Capital & Investment Corp to handle transactions.

Amongst Del Monte Pacific Ltd’s subsidiaries, DMPI recorded positive sales in 2017 in local and export markets, according to a separate report in The Philippine Star.