Del Monte Pacific to list on PSE in June

Del Monte Pacific Ltd., the fruit grower and canner, on Tuesday said plans are afoot to have its shares listed on the Philippine Stock Exchange (PSE) starting June 10, a move that was approved by the Philippine bourse.

 

Del Monte in a disclosure to the Singapore Stock Exchange said it received approval 

 

In principle, the PSE approved the application of Del Monte Pacific to have its shares listed and traded in the Philippine market, the company told the Singapore Stock Exchange (SGX), noting it is now waiting from the Securities and Exchange Commission in Manila the order of registration and permit to sell

  

“Subject to the fulfillment by the company of the conditions to the SEC approval in principle, and the approval by the PSE of the PSE listing, the company expects to post the introductory document for the

PSE Listing on the website of the PSE on or before Wednesday, 29 May 2013, and for trading of the shares to commence on the PSE on Monday, 10 June 2013,” Del Monte said.

 

Because its shares are listed on the SGX, Del Monte Pacific is qualified to list its shares on PSE by way of introduction.

 

The company owns the Del Monte brand of processed foods in the Philippines, including canned juice drinks, canned pineapple and tropical mixed fruits, tomato sauce, spaghetti sauce and tomato ketchup.

 

Net profit jumped to $32.1 million last year, from $27.4 million a year earlier, on record sales of $459.7 million—which was up 8 percent year on year.

 

Subsidiary Del Monte Philippines owns the 23,000-hectare pineapple plantation in Mindanao, dubbed as the world’s largest pineapple operation with a 700,000-ton processing facility. — VS, GMA News