Del Monte Pacific Ltd. said it raised $70 million through unit Jubilant Year Investments Ltd.
Jubilant Year issued senior perpetual capital securities which are guaranteed by Del Monte units Del Monte Philippines Inc. (DMPI) and Philippine Packaging Management Service Corp.
The proceeds will be used to settle certain derivative rights of DMPI minority shareholder SEA Diner Holdings (S) Pte. Ltd. and redeem less than half of its shareholdings in DMPI.
Del Monte said it closed the nine months for fiscal year 2024 ending in May with a $50.6 million loss, compared to a $28.9 million profit the prior year.
Sales amounted to $1.8 billion on stable USA and Philippines sales.
“Unit Del Monte Food Inc. (DMFI) continued to gain market share in the US in canned vegetable, fruit and tomato, and DMPI grew its market share in the Philippines in packaged pineapple, mixed fruit, tomato and spaghetti sauces,” the company said.
DMPL’s gross profit declined by 26 percent to $360.4 million on higher costs.
Earnings before interest, tax, depreciation and amortization dropped 43 percent to $155.5 million.
