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Friday, March 29, 2024

Del Monte gets nod to raise $160m

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Del Monte Pacific Ltd. said Wednesday it secured a green light from the Securities and Exchange Commission to issue $160 million worth of dollar-denominated preferred shares. 

Del Monte said in a disclosure to the stock exchange it received the SEC’s permit to offer securities for sale covering the preferred shares offering. 

The sale will be the second and final tranche of dollar denominated preferred shares under the company’s $360-million dollar-denominated securities shelf registration approved by SEC  in 2016.

The company tapped BDO Capital and Investments Corp. as the sole issue manager for the offering. 

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Del Monte in April issued and listed $200 million worth dollar-denominated preferred shares to become the first company to register the securities with the Philippine Stock Exchange.

The company used the proceeds from the April fund raising activity to refinance debts.

The company  said in September it was selling US-based Sager Creek vegetable business to McCall Farms Inc., a family-owned business that manufactures brands such as Bruce’s Yams, Margaret Holmes and Glory Foods, for $55 million. The sale will allow the company to focus on core business and explore new products.

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