Del Monte PH defers P17.5-B IPO
DEL Monte Philippines, Inc. (DMPI) has deferred its planned P17.5-billion initial public offering, originally scheduled on June 25.
Citing volatile market conditions, parent company Del Monte Pacific Ltd. (DMPL) told the Philippine Stock Exchange on Thursday that it made the decision to postpone the offering upon the advice of its bankers and advisers.
“The Board of Directors of DMPL refers to the Company’s announcement dated 6 February 2018 that the Company’s Philippine subsidiary, DMPI, would launch an IPO of common shares covering up to 21 percent effective stake in DMPI by the Company by way of a secondary offer … However, market conditions continue to be volatile and the Company has been advised by its bankers and advisors that it would be in the best interest of the Company and DMPI to defer the Offering until such time when market conditions improve,” it said.
DMPI had planned to issue 587.4 million shares, offered by the selling shareholder, Central American Resources, Inc., a company incorporated under the laws of Panama. DMPI had secured the approval of both the Securities and Exchange Commission and the Philippine Stock Exchange for the IPO.
The maximum price for the offer shares was set at P29.88 each, with the offer period supposedly from June 8 to 18. ANGELICA BALLESTEROS
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