Del Monte firms up dual listing on PSE | Inquirer Business

Del Monte firms up dual listing on PSE

MANILA, Philippines–Singapore-listed food and beverage firm Del Monte Pacific Ltd. has firmed up its dual listing on the Philippine Stock Exchange by way of introduction or without any public equity offering.

In a memorandum dated May 30, the PSE said its board had approved the application of Del Monte to list 1.297 billion common shares on its first or main board.

The initial listing price will be determined by using the closing price of company shares at the Singapore Exchange Securities Trading Ltd. on the trading day immediately preceding the listing, the PSE said.

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The actual listing date has yet to be fixed and will instead be announced upon the company’s compliance with pre-listing requirements, according to the circular.

FEATURED STORIES

Del Monte has an authorized capital of two billion shares with a par value of US$0.01 each, out of which 1.297 billion shares have been issued.  Consequently, there will be no change in the total number of issued and outstanding shares after the listing.  There will be no underwriter and no proceeds from the listing.

This listing is seen potentially adding to high dividend-yielding companies in the PSE. Based on the prospectus, the company has a stated dividend policy of paying a minimum of 33 percent of prior year’s net profit, although this has been exceeded in the past years’ payouts at 75 percent. “There is, however, no guarantee that the company will pay any dividend in the future,” the prospectus said.

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Del Monte is a holding firm for companies engaged in growing, processing and selling of canned and fresh pineapples, pineapple juice concentrate, tropical mixed fruit, tomato-based products, beverage products and certain food products under the brand names Del Monte, S&W and Today’s.

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TAGS: Agriculture, Business, cannery, Commodities, food, News, stocks

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