Del Monte Pacific Ltd. (DMPL), listed in the Philippines and Singapore, yesterday reported that it expects to reduce its huge debts starting next year with the planned sale of shares worth $515 million.

Joselito Campos Jr., DMPL chief executive officer and managing director reported that the company is “committed to significantly deleverage DMPL’s balance sheet by reducing debt in the next quarter through an international perpetual preference share offering followed by a rights issue, which are expected to raise $515 million.

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