The Philippines arm of fruit products giant Del Monte Pacific is to go public, seeking to raise up to US$324m through an initial public offering (IPO).
Del Monte Philippines will sell 559.46m shares, or 20% of outstanding shares, at a maximum price of 29.88 pesos each, the company said in a disclosure to the Philippine and Singapore stock exchanges.
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Reuters reports that the majority of the IPO proceeds will be used to pay existing loans while remaining capital will be allotted for general corporate purposes.
“The pre-payment of such loans will allow the Del Monte Pacific Group to de-leverage and strengthen its balance sheet,” the company said.
“The company will make further announcements as and when required and/or material developments arise in respect of the offering,” it added.
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Del Monte Philippines produces and exports fruit juices, packaged pineapples and mixed fruits, and various tomato and spaghetti sauces under the Del Monte brand.
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By GlobalDataDel Monte Pacific is listed on both the Singapore Mainboard and the Philippine Stock Exchange under a dual listing scheme.
