Del Monte Philippines focuses on product expansion after IPO delay bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
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By Reuters Staff
2 Min Read
(Reuters) - Food and beverages firm Del Monte Pacific said on Wednesday it would delay the initial public offering of its Philippine unit, as the country reels from a surge in coronavirus cases.
Del Monte Philippines Inc in April filed for an offering that could raise up to 44.1 billion Philippine pesos ($888.8 million), making it the second-largest share offering in the Philippines.
But rising cases of the Delta variant of coronavirus cases and corresponding volatility in the Philippine Stock Exchange have led Del Monte Pacific to defer the listing “until conditions improve”.
The Philippines earlier in the week extended a night curfew in capital Manila as the country saw infections exceed 8,000 per day, with the tally on Aug. 1 touching 8,735 infections - their highest since May-end.
Singapore s Del Monte Pacific delays Philippine unit IPO on virus surge reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Proceeds to pay debts of parent Del Monte Pacific IPO is set to be launched in the third quarter-source Philippines gears up for blockbuster year of IPOs (Recasts with details on IPO, quotes)
MANILA, April 28 (Reuters) - Del Monte Philippines Inc filed for an IPO that could raise up to 44.1 billion pesos ($910 million), marking potentially the second-largest share offering in a market that is gearing up for a blockbuster year for listings.
Del Monte’s shareholders Del Monte Pacific and SEA Diner, are seeking to sell up to 804.23 million shares, including an over-allotment option of 15%, it said in a registration statement filed with the corporate regulator on Wednesday.