Tuna cannery Century Pacific gets PSE green light for P3.32-B IPO 

Century Pacific Food Inc., a thriving tuna cannery, was given the green light by the Philippine Stock Exchange (PSE) to sell 229.654 million new common shares at a maximum offer price of P14.50 apiece.

The final price per share of the estimated P3.32-billion initial public offering (IPO) will be set on April 21, with the offering period to run from April 23 to 29 while the listing of the shares will be on May 6, the PSE noted in a memorandum to brokers on Tuesday.

The company is allotting 160.758 million shares or 70 percent of the IPO to institutional buyers, 45.990 million shares or 20 percent to PSE trading participants, and 22.965 million shares or 10 percent to individual Philippine investors.

Century Pacific hired BDO Capital and Investment Corp., BPI Capital Corp., and First Metro Investment Corp are joint issue managers.

From the IPO money, the cannery will pay its financial obligations, fund capital expenditures for increasing production and cost efficiency, as well as working capital and for potential acquisition.

The company produces the brands 555 Tuna and Century Tuna.

It has adopted a 30-percent dividend pay out policy from the preceding year's net income. – VS, GMA News