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Del Monte Philippines receives securities watchdog's approval for IPO

Del Monte Pacific Ltd., or DMPL, on May 25 confirmed the Malaya report that its Philippines subsidiary has received approval from the country's securities regulator for its initial public offering, which is priced at up to 17.55 billion Philippine pesos.

Del Monte Philippines Inc., or DMPI, intends to offer 587.44 million of the secondary shares owned by its parent at a price of up to 29.88 Philippine pesos per share, Malaya Business Insight reported May 25.

DMPI reportedly will use proceeds from the sale to partially prepay or repay certain facilities extended to DMPL and its subsidiaries. It will also refinance some of DMPL Group's financial obligations, in a move to lessen its leverage position.

The Singapore-based food company is expected to own 79% of Del Monte Philippines after the IPO, the report added.

As of May 25, US$1 was equivalent to 52.69 Philippine pesos.