Del Monte now listed in both PH, Singapore exchanges
MANILA, Philippines - Del Monte Pacific Ltd. is now listed on both stock exchanges of the Philippines and Singapore.
On Monday, June 10, Del Monte Pacific (stock code: DMPL) listed 1.298 billion shares on the Philippine Stock Exchange by way of introduction. DMPL has been listed in the Singapore Stock Exchange since 1999.
Company officials cited the Philippines' good economic prospects and increased liquidity at the PSE as reasons for returning "home."
At the press briefing following the ceremonial bell ringing, officials said they want to make their company more accessible to Philippine investors, as well as tap the capital market for fresh funds.
DMPL is the parent company of Del Monte Philippines, which has been operating in the Philippines for almost 9 decades. It enjoys market leadership in the Philippines for canned pineapple juice, tomato sauce, spaghetti sauce and tomato ketchup in the Philippines.
DMPL's controlling shareholder, NutriAsia Pacific Limited, has entered into a placement agreement for the sale of 150,000,000 Shares at the price of P26.40 for each share. Following this placement, NutriAsia's stake in DMPL will be reduced to 67% from 78.6%. - with reports from Lean Santos/Rappler.com