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Del Monte Philippines defers IPO on virus worries

BusinessWorld August 5, 2021 | 12:33 am Reporter DEL MONTE Pacific Ltd. (DMPL) on Wednesday said it is deferring the initial public offering (IPO) of its Philippine subsidiary amid heightened market volatility arising from a surge in coronavirus disease 2019 (COVID-19) infections. The announcement came just as the Securities and Exchange Commission (SEC) said it “considered favorably” the IPO applications of the two real estate investment trusts (REITs) sponsored by Robinsons Land Corp. (RLC) and Megaworld Corp., subject to remaining requirements. Del Monte Philippines, Inc. (DMPI), a company known for its tomato sauces and specialty health drinks, had aimed to raise as much as P44 billion from its IPO that was scheduled to begin on Aug. 9. It had targeted to list on the Philippine Stock Exchange (PSE) on Aug. 23.

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Del Monte PH delays IPO amid market volatility due to COVID-19 surge

endIndex: Metro Manila (CNN Philippines, August 4) Del Monte Philippines Inc. has postponed its maiden offering amid market volatility due to rising COVID-19 cases, its parent firm confirmed Wednesday. “Amidst a surge of COVID-19 cases in the Philippines and in the region, the PSE has been highly volatile in recent weeks, and the Board believes that it is in the best interests of the Company, its shareholders and potential investors to defer the listing until conditions improve,” Del Monte Pacific Limited said in a disclosure to the local bourse. Local shares have been on a roller coaster ride particularly during the last week of July, tumbling to the 6,300 level amid investors’ worries over rising cases of the highly transmissible Delta variant and further to 6,200 territory after the capital region returned to stricter quarantine measures due to the variant’s threat.

Metro manilaPhilippines generalExchange commissionDel monte pacific ltdDel monte pacificDel monte philippines incPhilippine stock exchangeDel monte philippinesMonte pacific limitedDel monte philippineMonte pacific ltdமெட்ரோ மணிலாபரிமாற்றம் தரகுடெல் மான்டே பெஸிஃபிக் லிமிடெட்டெல் மான்டே பெஸிஃபிக்டெல் மான்டே பிலிப்பைன்ஸ் இன்க்

Del Monte Philippines shelves P44-B IPO

Published August 4, 2021, 4:51 PM Del Monte Pacific Limited has decided to postpone the planned P44 billion initial public offering of its subsidiary Del Monte Philippines, Inc. on the Philippine Stock Exchange. The firm said in a disclosure to the PSE that, its Board of Directors decided to delay the IPO in consultation with its advisors and “in light of increased market volatility.” “With the return of strict COVID lockdown measures in the Philippines from August 6, the Board believes that it is in the best interests of the Company, its shareholders and potential investors to defer the listing until conditions improve,” Del Monte said.

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Hot money enters PHL for 2nd straight month

Hot money enters PHL for 2nd straight month
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PSE eyes REITs from smaller property firms

PSE eyes REITs from smaller property firms
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