Century Pacific debuts on PSE, shares gain over 16% in morning trades

Century Pacific Food Inc. on Tuesday debuted on the Philippine Stock Exchange, and its shares changed hands as high as P16.04 apiece during the morning session, or 16.6 percent higher than the initial public offering of P13.50 per share.

The shares settled at P15.38 apiece at the noon break.

 

It was flattering for the company how the market responded to the IPO, which was 3.5 times oversubscribed, Christopher Po, Century Pacific president, told reporters in a interview at the exchange. 

 

Proceeds from the maiden share sale totaled P3.2 billion. Po said the company will use the money to boost revenues in double-digit terms for a net income of P1.5 billion this year.

 

Prices of raw materials, like tuna and meat, have gone down that Century Pacific expects higher gross profit margins, while its dairy business is reaping higher sales from new products, Po said.

 

Plans are also afoot for the 2015 ASEAN Economic Integration.

 

Vice chairman Ricardo Po Jr. noted the company will ship core branded products to regional neighbors, while expanding partnerships with retailers in the US and Europe.

 

Apart from Century Tuna, the company produces the 555 canned sardines and tuna as well as Argentina and Swift canned meats and Angel and Birch Tree canned and powdered milk. – VS, GMA News