June 10, 2013

Del Monte debuts at PSE in 1st dual listing by Phl firm

Del Monte Pacific Ltd. (DMPL), controlled by condiments king Joselito D. Campos Jr., listed by way of introduction at the Philippine Stock Exchange (PSE) yesterday. Principal shareholders NutriAsia Pacific Ltd. sold 150 M shares existing at P26.40 for a total transaction value of P3.96  B.

NutriAsia’s shares were trimmed to 67% from 78.6%. DMPL’s listing price was P29.80 based on the closing price in the Singapore Stock Exchange last Friday. The 23,000-hectare Del Monte plantation in Mindanao is the world’s largest fully integrated pineapple operation with a 750,000-metric ton (MT) processing capacity. It was set up in 1926 by the US government because of the widespread pineapple disease in Hawaii. - WealthSec