The Securities and Exchange Commission has approved the P44-billion maiden share offering of fruit grower and canner Del Monte Philippines Inc.
“DMPI will receive the corresponding order of registration and permit to sell after complying with the conditions set by the SEC,” the corporate regulator said. The company’s parent, Del Monte Pacific Limited, will eventually receive and use part of the net proceeds for the repayment of loans, redemption of certain preferred shares and general corporate purposes.
Latest submissions to the SEC showed the offering period would be set from Aug. 9 to 13, and the listing of the shares under the main board of the Philippine Stock Exchange scheduled on Aug. 23.
DMPI is a food manufacturer operating four main product segments, including convenience cooking and dessert, healthy beverages and snacks, premium fresh fruit and packaged fruit and beverage export. Its Del Monte brand offers a line of ketchup, tomato sauce and paste, pasta, spaghetti sauce and packaged pineapple products.
The company is one of the largest fresh pineapple growers in Asia, with a 26,000-hectare plantation in the Bukidnon province. Aside from being a market leader in the ready-to-drink juices in the country, DMPI is the largest fresh pineapple exporter to China, with a 43.7-percent market share by volume of imported fresh pineapples in 2020. It also exports pineapples to Japan, South Korea and the Middle East.