DEL Monte Pacific Ltd. announced on Monday it was paying its first dividend for its dollar-denominated Series A Preferred Shares yesterday, October 9.
The coupon rate is 6.625 percent per annum or equivalent to $0.33125 per Series A-1 preference share for the six-month period from April 7 to October 7, 2017.
“One of the features of the company’s Series A Preference Shares is that it is a US dollar-denominated investment where investors receive their principal and dividends in US dollars,” the company told the Philippine Stock Exchange (PSE).
“In addition to the coupon rate, investors who plan to convert to Philippine Peso also benefit from the appreciation of the US dollar,” it added.
DMPL’s Series A-1 preference shares are the first dollar-denominated securities to be listed on the local bourse. They are traded under the ticker symbol “DMPA1.”
DMPL generated approximately $200 million during the initial offer of the shares. The balance of $150 million has yet to be issued, it said.
DMPL is a homegrown dual-listed fruit canner registered both on the Philippines and Singapore stock exchanges.