Fresh Del Monte Produce is to sell some 12m shares in the company to pay down debt, the US firm said today (1 November).

The company is selling 5m shares, while the IAT Group is selling a further 7m shares in the business.

Earlier this week, Fresh Del Monte has posted a profit for the third quarter of the year on the back of rising banana sales.

The company, which booked losses of US$83.2m in the third quarter of 2006, recorded earnings of $25.9m this year. Profits came amid rising sales, which rose 3.8% to $757.1m.