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Del Monte Philippines to sell 13% stake to Singapore’s SEA Diner

Del Monte Philippines Inc is a wholly-owned subsidiary of global branded food and beverage firm Del Monte Pacific Limited (DMPL). It is selling 13 per cent of its existing ordinary shares to Singapore-incorporated SEA Diner Holdings for $130 million.

The proposed share sale comes more than a year after Del Monte Philippines shelved its planned initial public offering (IPO), which targeted to raise net maximum proceeds of about $324 million, due to “adverse market conditions”.

Singapore-listed DMPL said it has entered into an agreement with SEA Diner for the proposed sale of about 363.7 million existing ordinary shares of its Philippines subsidiary, subject to certain conditions. The net cash proceeds of approximately S$155.5 million ($115 million) will be used to pay certain outstanding loans of DMPL.

SEA Diner is focused on investing in companies in the consumer sector in China and the Southeast Asia region. Together with its affiliates, the company has invested over $1 billion in ASEAN and Chinese consumer businesses to date, including consumer product and technology companies.

 

 


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