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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.