DEL Monte Philippines, Inc. (DMPI) has filed application documents for a proposed initial public offering of common shares comprising the sale of 20 percent of its issued capital, by way of a secondary offer, the company disclosed to the Philippine Stock Exchange yesterday.
DMPI intends to list the offer shares on the main board of the PSE. On Monday, DMPI filed for the registration of the offer shares with the Securities and Exchange Commission of the Philippines and applied for the listing of all the issued and outstanding common shares of DMPI, including the offer shares, with the PSE.
The offering will be subject to receipt of the requisite regulatory approvals and market conditions.
The company plans to use the expected proceeds from the offering primarily for debt repayment and general corporate purposes.
BDO Capital and Investment Corp. has been appointed as the issue manager, sole global coordinator and sole bookrunner 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 known for its 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 pineapple operations, and has been growing and processing pineapple for over 90 years. (PSE)