Fruit grower and canner Del Monte Philippines Inc. revived its initial public offering plan to raise up to P44 billion from the stock market.
DMPI filed an application with the Securities and Exchange Commission to issue 699.33 million secondary common shares with an over-allotment option for another 104.899 million shares at a price of up to P54.80 apiece.
Net proceeds from the offer of secondary shares will be used by Del Monte Pacific Limited to partially repay certain facilities extended to DMPL and redemption of preferred shares.
The company engaged Morgan Stanley and Credit Suisse (Singapore) as joint global coordinators and book-runners for the transaction and CLSA and DBS Bank as joint international book-runners.
“The planned IPO of Del Monte Philippines Inc. is a moment of pride for the board and the DMPI management team. It represents the realization of an ambition we have set – to provide the people of the Philippines with the opportunity to share in the continued growth and success of our Asia business,” DMPI president and chief executive Joselito Campos Jr. said.
“Our company has demonstrated resilience during the last 12 months, growing our operations and efficiency in a challenging year. This gives us the confidence to embark on the next phase of our journey. We firmly believe that this will better position us to take full advantage of our market leading position and to further accelerate our strategy across the region,” he said.
BDO Capital and Investment Corp. and BPI Capital Corp. will also serve as joint local lead underwriters and bookrunners.
DMPI produces and sells food and beverage products, which include fruit juices and juice drinks, packaged pineapples and mixed fruits, fresh pineapples, tomato spaghetti sauces and culinary mixes under the Del Monte brand in the Philippines. It also exports these products.
Meanwhile, the SEC received a P260-million IPO application of Asian Mergers and Acquisition Links Inc., a consultancy service company that specializes in mergers and acquisitions of business establishments.
The company will offer up to 130 million primary common shares at P2 apiece.
Net proceeds from the offer will be used for the establishment of subsidiaries in Singapore and Indonesia; additional investments in the Philippines, its affiliate in Thailand and subsidiaries in Vietnam and Malaysia; and the establishment of a subsidiary engaged in the lending business in the Philippines.
The company engaged Investment and Capital Corporation of the Philippines as the underwriter and issue manager for the transaction.
AMAL is an emerging M&A advisory company engaged in providing business consultancy services to the general public with a focus on SMEs, in connection with the establishment, merger, consolidation and acquisition of corporations, companies, enterprises or entities, engaged in any legitimate business in the Philippines.