Fruit grower and canner Del Monte Pacific Limited has moved closer to issuing P125 million worth of new shares after it got the Singapore Exchange go signal on the capital raising exercise, and is now waiting for Philippine Stock Exchange to do the same.
In a disclosure to the PSE Monday, Del Monte Pacific said it received the approval in principle from the Singapore Exchange Securities Trading Limited to sell new shares and use the money to settle debts.
"We are still awaiting the approval of regulatory agencies in the Philippines," chief legal counsel and chief compliance officer Antonio Ungson told GMA News Online. Securing the approval from the PSE and the Securities and Exchange Commission are progressing, he noted.
Del Monte Pacific said last month it will offer up to P125.62 million worth of new shares to settle part of the debt it used to acquire the US Del Monte brand.
It plans to list 5.5 million new shares priced up to P22.84 apiece.
On February 18, the company completed the purchase of the consumer food business of Del Monte Corporation for $1.675 billion and renamed it as Del Monte Foods Inc.
The company said the new shares will be listed on the Main Board of the Philippine Stock Exchange.
