Del Monte Philippines, Inc. (DMPI) has deferred its planned P17.5-billion initial public offering of around 21% of its total outstanding shares to the public due to the current volatility in the Philippine equities market.
In a disclosure to the stock exchange on Thursday, DMPI’s ultimate parent firm Del Monte Pacific Limited (DMPL) said it would delay the issuance until market conditions improve.
“Market conditions continue to be volatile and the company has been advised by its bankers and advisors that it would be in the best interest of the company and DMPI to defer the offering until such time when the market conditions improve,” DMPL said.
This marks the second time that DMPI has postponed its IPO. The company had initially targeted listing at the Philippine Stock Exchange (PSE) last April, but was prompted to push back its issuance to give way to the stock rights offering of several lenders at the time amounting to around P110 billion. — Arra B. Francia