Del Monte Philippines Inc. is suspending for the second time its initial public offering (IPO).
Citing “increased market volatility,” the Philippine business of the Del Monte conglomerate is delaying anew its share sale, according to Antonio E. S. Ungson, company secretary.
Del Monte looked into a share sale in 2018 but was shelved and revived its plan in April, potentially raising as much as P44.07 billion. It received regulatory approvals in July.
“Amidst a surge of COVID-19 (new coronavirus disease 2019) cases in the Philippines and in the region, the PSE has been highly volatile in recent weeks, and the Board believes that it is in the best interests of the company, its shareholders, and potential investors to defer the listing until conditions improve,” Ungson said.
“The company will continue discussions with potential investors and strategic partners that have expressed interest during the IPO process,” he added.
The Campos-controlled food manufacturing group was looking to issue an initial 699.33 million shares and another 104.9 million shares, all secondary shares, at an offer price of up to P54.80.
Meanwhile, the Securities and Exchange Commission (SEC) has approved the IPOs of real estate investment trusts (REIT) of Robinsons Land Corp. (RLC) and Megaworld Corp.
RL Commercial REIT Inc. looks to issue to the public an initial 3.34 billion shares and another 305.1 million shares covering the greenshoe option at an offer price of up to P7.31 per share. It may potentially raise for the REIT firm P26.64 billion in proceeds.
The offered shares will cover 36.67 percent of RL Commercial REIT.
RL Commercial REIT eyes to have the IPO between August 31 and September 8, 2021, with listing eyed on September 20.
The Megaworld-affiliated MREIT Inc. eyes to issue an initial 1.08 billion secondary shares and another 161.7 million covering the greenshoe option, at an offer price of up to P22. It may raise for the firm as much as P27.32 billion.
The IPO is expected to run between August 23 and 27, 2021, with listing eyed on September 6.
