Del Monte to start selling $250-M shares

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PH’s first dollar-denominated shares to be listed on April 7

DUAL-LISTED fruit canner Del Monte Pacific Limited (DMPL) said on Monday it will commence its $250-million preference share issue this week after receiving regulatory approval for the fund raising.

It said it expects to list the country’s first ever dollar-denominated shares on April 7.

In a statement, DMPL said that on March 17, it received the notice of approval from the Philippine Stock Exchange (PSE) for the initial offer tranche of its public offering of US dollar-denominated preference shares, subject to certain conditions.


DMPL said the preference shares will be offered to the public from March 22 to 28. It will conduct an investor road show presentation on the share sale tomorrow, March 22.

The $250-million share issue is the initial tranche of its $360-million three-year equities program under shelf registration with the Securities and Exchange Commission (SEC).

Ed Francisco, president of BDO Capital & Investment Corp., said the base offer is $150 million with a greenshoe or oversubscription option of $100 million.

“We’re being conservative because this is the first instrument of its kind,” Francisco said. BDO Capital was appointed lead underwriter for the deal.

DMPL, which is listed on both the Singapore Exchange Limited and the PSE, earlier said that the funds to be raised from the preference share issue will partially finance its loan obligations.

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