PHILIPPINES: Del Monte Pacific lists in Manila
Shares in Singapore-based Del Monte Pacific have started trading in the Philippines, the second listing for the food and drinks group.
Del Monte Pacific, which is already listed in Singapore, has decided on a dual listing in Manila to widen its investor base and raise funds for future growth. Del Monte Pacific listed at PHP29.80 but ended yesterday down at PHP27.20. Shares today stood at PHP26.20 at 15:46 local time.
Philippines is the largest market for Del Monte Pacific's branded sales, which account for 70% of turnover. The company has the rights to the Del Monte brand in the Philippines, the Indian subcontinent and Myanmar. It also has the trademark to the S&W fruit and vegetable brand in Asia, the Middle East, Europe and Africa.
In a presentation issued on the Del Monte Pacific website late last month, the company said its sales were US$459.7m last year, up from 8% on 2011. Operating profit was $49.9m in 2012, although it did not provide a figure for 2011.
It supplies branded canned and processed fruit and vegetable products, as well as culinary lines, across Asia, the Middle East and the Indian subcontinent. The other 30% of sales are made from private-label contracts in Europe, as well as supplying Del Monte Foods in the US, Del Monte Canada - owned by ConAgra Foods - and Del Monte Asia - an arm of Japan's Kikkoman Corp. - with ingredients.
Del Monte Pacific's interests also include a 93% stake in a holding company that owns 50% of Indian venture FieldFresh Foods. The venture, in which Indian conglomerate Bharti Enterprises owns the other 50%, sells products under the Del Monte and FieldFresh brands in India.
MarketLine's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organi...
Tesco was again in the spotlight last week after another quarter of falling sales. Like-for-like sales dropped in each of its markets. Elsewhere, Unilever outlined plans to cut 2,000 jobs and further ...
- Why Arla upbeat about LatAm prospects
- M&A Watch - Could Cloetta be takeover target?
- Sweets & Snacks Expo: just-food's pick
- Focus: Why Dairy Crest needs to offload dairies
- Nomad's post-Iglo opportunities
- Yildiz eyeing further deals - reports
- Weetabix gets new private-equity investor
- PAI, Pamplona "eyeing Bakkavor stake"
- Food industry news of week: GMOs, Arla, Mondelez
- Wal-Mart acts on animal welfare, antibiotics