Del Monte to raise $160M from offering of shares

The Philippine Stock Exchange has approved the plan of Campos-led food and beverage conglomerate Del Monte Pacific Ltd. (DMPL) to raise around $160 million from the offering of a new tranche of preferred shares.

The offering—consisting of 16 million shares priced at $10 each—will start tomorrow, Nov. 28, and will run until Dec. 8, based on an offering circular issued by the local stock exchange on Friday.

Tentative listing date for the preferred shares is on Dec. 15.

BDO Capital & Investment Corp. is the sole issue manager.

Proceeds from the offering will be primarily used for the payment of the $154 million balance of the bridge loan facility extended by BDO.—DORIS DUMLAO-ABADILLA