Del Monte Pacific defers IPO for Philippines subsidiary amid market volatility

Del Monte Pacific defers IPO for Philippines subsidiary amid market volatility

By: 
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.

Singapore's housing dilemma: What are the broader implications?

SINGAPORE (Sept 17): In the past year and a half, the issue of the 99-year leases on Housing & Development Board (HDB) flats has triggered much debate. Now might be a good time to step back and examine what exactly has changed as a result of this debate and what the broader implications are. In fact, this issue could be a major game changer in many areas. Certainly, housing market dynamics will change, there could be shifts in savings behaviour and we are also likely to see major policy changes over time. These are big changes and it is important that Singaporeans have a clear understandin....
Read More >>

Najib to be charged tomorrow for RM2.6 bil in accounts

SINGAPORE (Sept 19): Malaysia’s former prime minister Najib Razak has been arrested today in connection to RM2.6 billion ($860 million) of 1MDB funds deposited into his personal account. According to a press release issued by the Malaysian Anti-Corruption Commission (MACC), Najib was arrested earlier today at 4.13pm at the MACC headquarters in Putrajaya. The former premier will be brought to the Kuala Lumpur Sessions Court tomorrow (Sept 20) at 3.00pm to face “several charges” under Section 23(1) of the MACC Act. The MACC also said that it will cooperate with the police to recor....
Read More >>

HNA explores sale of newly acquired CWT logistics unit

HONG KONG (Sept 19): China's HNA Group is in talks with banks to find a buyer for its CWT logistics unit, nine months after it acquired the Singaporean business in a US$1 billion  ($1.4 billion) deal, several people familiar with the matter told Reuters. See: CWT receives formal US$1 bil takeover offer from HNA See: HNA to face $3.1 bil liquidity crunch this quarter See: HNA's fire sale gets into full swing from Hong Kong to London See: HNA Group co-chairman Wang Jian dies after accident in France The sale, if completed, would be the latest in a series of divestments aimed ....
Read More >>