Del Monte Pacific defers IPO for Philippines subsidiary amid market volatility

Del Monte Pacific defers IPO for Philippines subsidiary amid market volatility

Stanislaus Jude Chan
07/06/18, 07:57 am

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.

AusGroup to buy housing village & facilities on Australia's Melville Island for $11.4 mil

SINGAPORE (Feb 19): AusGroup, the construction and marine services provider, is acquiring an accommodation village plus facilities worth A$11.8 million ($11.4 million). The village comprises a 119-man accommodation camp, kitchen, administration building and recreational facilities at Port Melville, Melville Island in the Northern Territory of Australia, supporting the Northern Territory oil and gas industry and marine transport industry. The acquisition will be made in cash, and comes without mortgage or security interests. AusGroup’s unit, NT Port and Marine, on Monday signed a gen....

Defensive utility stocks could ride infrastructure boom

SINGAPORE (Feb 18): Utility companies, which are usually deemed to be boring defensive stocks, could turn out to be sexy growth counters. This is because the growing demand for better infrastructure and amenities on the back of the population growth and rising affluence in Asia-Pacific is leading to the implementation of new utility projects in the region. “Because of their strategic significance, utility services have traditionally been provided by the public sector. However, ballooning population growth and fiscal constraints have resulted in more of the world’s utility services to sp....

Space tech start-up Transcelestial lasers in on high-speed connectivity

SINGAPORE (Feb 18): A few months ago, inside a second-storey shophouse in Chinatown, Rohit Jha and his team fired up a PlayStation 4 set. ­Using its controllers, he virtually navigated a small toy car, manoeuvring through a track on a remote rooftop of one of the buildings in Chinatown. The tiny vehicle was monitored by a couple of cameras and linked wirelessly to the team’s office a few blocks away. Jha, CEO and co-founder of space tech start-up Transcelestial, says he often demonstrates the capabilities of the company’s product through the PlayStation setup. The effort has paid off. ....