Del Monte's Philippine unit files for IPO of up to $324 mln (updated)

Del Monte Pacific

06/02/2018 04:32

(Adds details) 
    MANILA, Feb 6 (Reuters) - The Philippine unit of Del Monte 
Pacific Ltd  DMPL.PS   DMPL.SI  plans to raise up to $324 
million through a public share sale to pay existing loans, the 
company said on Tuesday.     
    The pineapple producer sought for the Securities and 
Exchange Commission's approval of Del Monte Philippines Inc's 
initial public offering (IPO). (http://bit.ly/2GSJzA4) 
    Del Monte Philippines will sell 559.46 million shares, or 20 
percent of outstanding shares, at a maximum price of 29.88 pesos 
each, the company said in a disclosure to the Philippine and 
Singapore stock exchanges. 
    Majority of the IPO proceeds will be used to pay existing 
loans while remaining capital will be allotted for general 
corporate purposes. 
    "The prepayment of such loans will allow the Del Monte 
Pacific Group to de-leverage and strengthen its balance sheet," 
the company said. 
    Del Monte Philippines produces and exports fruit juices, 
packaged pineapples and mixed fruits, and various tomato and 
spaghetti sauces under the Del Monte brand. 
($1 = 51.5800 Philippine pesos) 
 
 (Reporting by Neil Jerome Morales) 
 ((neiljerome.morales@thomsonreuters.com; +632 8418914; Reuters 
Messaging: neiljerome.morales.thomsonreuters.com@reuters.net)) 
 
Keywords: DEL MONTE IPO/