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.
The company is not related to US-based companies Del Monte Foods nor Fresh Del Monte Produce and remains majority-owned by an arm of privately-owned Philippines-based food firm NutriAsia Group.
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.