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Del Monte Unit Postpones Filipino IPO Amid Covid-19 Surge, Companies & Markets News & Top Stories

SINGAPORE (THE BUSINESS TIMES) – Del Monte Pacific announced on Wednesday (4).

Citing adverse market conditions amid the recent spike in Covid-19 cases in the Philippines and the region, the group found that the PSE has been very volatile over the past few weeks.

Therefore, the Board of Directors believes it is in the best interests of the Group and its shareholders and investors to postpone the listing until conditions improve.

Del Monte said its board of directors remains committed to listing Del Monte Philippines and “continues to believe strongly in the growth and resilience of its business”.

“During this time, the company will continue discussions with potential investors and strategic partners who expressed interest during the IPO,” the group added in its filing.

In April, Del Monte announced that Del Monte Philippines was proposing an IPO of its common stock.

The group had planned to offer up to 15 percent of its stake in Del Monte Philippines. Sea Diner Holdings, which holds the remaining 13 percent of the Filipino subsidiary, was prepared to bring up to 10 percent of its stake to the stock exchange.

Del Monte shares closed Tuesday 0.5 cents, or 1.3 percent, at 39 cents.

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