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Del Monte Pacific’s Philippines unit revisits IPO | Meals Business Information

No particulars on the IPO dimension revealed but

The Philippines unit of fruit merchandise producer Del Monte Pacific is revisiting an IPO postponed in 2018 resulting from a decline within the native inventory market.

The subsidiary, Del Monte Philippines, has registered an software with the Philippines Securities and Change Fee for a proposed public share providing.

“The timing of the supply, closing supply value, closing variety of supply shares, and allocation of the proceeds will depend upon, amongst different issues, market situations, the circumstances surrounding the supply, and might be topic to securing the mandatory regulatory approvals,” it mentioned in a submitting.

When the IPO proposal was first muted early in 2018, Del Monte Philippines mentioned it could search to lift as much as the equal of US$324m, consisting of greater than 500 million shares. The plan was then postponed in the summertime of that yr on the advice of its bankers amid a droop within the nation’s inventory market.

Del Monte Philippines has a home itemizing and one in Singapore. It offered a 13% stake in 2020 to Singapore-incorporated SEA Diner Holdings for $130m. Del Monte Pacific holds the remaining 87%.

In the identical submitting, Del Monte Philippines mentioned the mother or father firm, by means of its subsidiary Central American Assets, and SEA Diner, intend to supply as much as 15% and 10%, respectively, of their stakes within the Philippines arm, for “a mixed providing of as much as 25% to be floated within the proposed IPO”.

Del Monte Pacific intends to retain a majority stake within the Philippines unit post-IPO, based on the submitting, whereas SEA Diner can even “be retaining a holding”.


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