Del Monte unit to list shares on PSE board Monday
Food and beverage firm Del Monte Pacific Ltd. is set to make its trading debut today on the Philippine Stock Exchange via an introductory listing.
The company, which is already listed in Singapore, will list 1.3 billion common shares on the PSE’s first or main board, making it the first company to be dual-listed on both exchanges.
An introductory listing means capital is not immediately raised like what happens during an initial public offering. The initial listing price, meanwhile, 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 earlier.
Del Monte has an authorized capital of two billion shares with a par value of $0.01 each, out of which 1.3 billion shares have been issued. There will be no change in the total number of issued and outstanding shares after the listing.
The listing is seen potentially adding to high dividend-yielding companies in the PSE while providing another avenue for local investors to tap a new consumer play.
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.
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. Miguel R. Camus
