Fruit canner and grower Del Monte Philippines Inc. postponed its planned P44.07-billion initial public offering because of the volatile market conditions.
Del Monte Pacific Ltd., the parent company of DMPI, said in a disclosure to the stock exchange it would proceed with the listing once overall conditions improved.
“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,” the company said.
“The board remains committed to listing DMPI 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 that have expressed interest during the IPO process,” it said.
Trading in the local stock market has been volatile for the past weeks over concerns about credit rating downgrade and threat of the highly-contagious Delta variant.
