MANILA, Philippines – Listed under the stock symbol ‘DMPA1,’ Del Monte Pacific Limited (DMPL), a global giant in the food and beverage industry, debuted the first Dollar Denominated Securities in the Phillippines.
Dollar denominated securities are securities listed, traded, and settled in US dollars.
“The goal of seeing additional funds raised through DDS has come into fruition. This warm reception to the maiden DDS offering speaks highly of the confidence that the investors have in the market in general, and the company and its leadership in particular,” said Jose T. Pardo, Chairman of the Philippine Stock Exchange.
According to Del Monte’s Chief Operating Officer, Luis Alejandro, it took almost two years to put the needed systems in place for the new instrument.
“Creating a new investment product takes time but the PSE remains committed to launch new investment instruments that will make our market more competitive and relevant in the global arena,” said Pardo.
Del Monte raised up to $200 million in its follow-on public offering of DDS. The shares were offered at $10 apiece and closed flat as closing share price remained at $10.
The company seeks to raise funds in order to refinance its $350 million bridge loan from BDO Unibank, Incorporated. It acquired the loan in 2014 in order to fund the purchase of United States-based Del Monte Foods, Incorporated. –Rappler.com