SINGAPORE (June 7): Del Monte Pacific announced Thursday that it is deferring the initial public offering (IPO) of its Philippine subsidiary, Del Monte Philippines, Inc (DMPI).

See: Del Monte's Philippine unit files for IPO of up to $428 million

Citing continued volatile market conditions, Del Monte says its bankers and advisors have advised that it would be in the best interest of the company and DMPI to defer the offering until market conditions improve.

Del Monte in February this year announced it would launch an IPO of common shares covering up to 21% effective stake in DMPI by the company, by way of a secondary offer.

The group says it has already secured the necessary approvals from the Securities Exchange Commission, the Philippine Stock Exchange Inc and the company’s shareholders at a meeting held on June 1.

Shares of Del Monte Pacific closed 0.3 cent higher, or up 1.6%, at 19.3 cents on Wednesday.