Del Monte to list shares on PSE in June
MANILA, Philippines - Fruit grower Del Monte Pacific Ltd. plans to list its shares on the Philippine Stock Exchange (PSE) on June 10.
In a disclosure to the Singapore Stock Exchange (SGX), the company said it received approval "in principle" from the PSE to have its shares traded on the local bourse.
The shares will be traded after Del Monte gets the order of registration and permit to sell securities from the Securities and Exchange Commission (SEC).
"Subject to the fulfillment by the company of the conditions to the SEC approval in principle, and the approval by the PSE of the PSE listing, the company expects to post the introductory document for the PSE listing on the website of the PSE on or before Wednesday, 29 May 2013, and for trading of the shares to commence on the PSE on Monday, 10 June 2013," the company said.
Del Monte last week obtained SEC approval to list its shares on PSE by way of introduction or without an initial public offering.
The company is qualified to list this way because its shares are already traded on the SGX.
Del Monte owns the Del Monte brand for processed products in the Philippines, where it leads market shares for canned pineapple juice and juice drinks, canned pineapple and tropical mixed fruits, tomato sauce, spaghetti sauce and tomato ketchup.
Del Monte's sales climbed 8% to a record $459.7 million in 2012, resulting in a 17% net profit growth to $32.1 million from $27.4 million in 2011.
Del Monte, through subsidiary Del Monte Philippines, owns a 23,000-hectare pineapple plantation in Mindanao, the world's largest fully integrated pineapple operation. It also owns a 700,000-ton capacity processing facility.
The group holds 93% of the company that has a 50% stake in FieldFresh Foods Private Ltd. of India. - Rappler.com