Shareholders of Del Monte Philippines, Inc. (DMPI) are planning to raise up to P44 billion through an initial public offering of shares they own that are equivalent to 28.75 percent of the company.
Based on the registration statement filed with the Securities and Exchange Commission,publicly-listed Del Monte Pacific Ltd. (DMPL) owns 87 percent of DMPI through Central American Resources, Inc. (CARI) while SEA Diner Holdings (S) Pte. Ltd. owns the balance of 13 percent.
DMPL and SEA Diner intend to offer up to 15 percent and up to 10 percent of their stake in DMPI, respectively, for a combined offering of up to 25 percent or 699.33 million DMPI shares.
There is expected to be an over-allotment option of up to 15 percent of the total offer shares or 104.899 million DMPI shares. The shares will be sold at a maximum of P54.80 apiece.
The resulting net proceeds to be received by CARI are intended to be declared as dividends to DMPL which in turn will utilize the funds for debt repayment and redemption of its Series A Preference Shares.
The timing of the Offer, final offer price, final number of Offer Shares, and allocation of the proceeds will depend on, among other things, market conditions and other circumstances surrounding the Offer, and will be subject to securing the necessary regulatory approvals.
Morgan Stanley Asia (Singapore) Pte. and Credit Suisse (Singapore) Limited will act as the Joint Global Coordinators and Bookrunners. BDO Capital & Investment Corporation and BPI Capital Corporation will act as Joint Local Lead Underwriters and Bookrunners.
Meanwhile, Asian Mergers and Acquisition Links Inc. (AMALI) is also planning to raise up to P260 million from a public offering primary or new shares.
In its registration statement filed with the SEC, AMALI said it is planning to offer up to 130 million primary common shares at a price of up to P2.00 each.
Net proceeds from the offer will be used for the establishment of subsidiaries in Singapore and Indonesia; additional investments in the Philippines, its affiliate in Thailand and subsidiaries in Vietnam and Malaysia; and the establishment of a subsidiary engaged in the lending business in the Philippines.
The company has engaged Investment and Capital Corporation of the Philippines as the underwriter and issue manager for the transaction.