10 Jun '13, 6am
Asia #Business ~ #Singapore-Listed Del Monte Pacific Debuts on Philippine Stock Exchange - Wall Street... #Pacific
MANILA--Del Monte Pacific Ltd. (D03.SG) debuted on the Philippine Stock Exchange on Monday to become the first Singapore-listed firm to have a dual listing in Manila. Group Chief Operating Officer Luis Alenjandro said the PSE listing provides with the company with another avenue for raising funds. Chief Financial Officer Ignacio Sison said there is no timetable yet for raising funds in the Philippines. "At the right time, we will be tapping the market," he said. The company's shares were listed through introduction--without an initial public offer but requiring a future sale of stocks. The listing involved 150 million shares from major shareholder NutriAsia Pacific Ltd., offered mainly to institutional investors. The sale reduced NutriAsia's stake to around 68% from 79%, Mr. Sison said. The PSE used PHP29.80 as the listing price, equivalent to the closing price in Singapor...