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Manila Bulletin devider Business devider The Stock Market devider DMPL swaps Del Monte India for stake in leading Indian food company

DMPL swaps Del Monte India for stake in leading Indian food company

Published Nov 15, 2024 05:09 am

Del Monte Pacific Limited Limited (DMPL) and its partner are divesting from Del Monte Foods Private Limited (Del Monte India, formerly FieldFresh Foods Private Limited) in exchange for minority stakes in a leading Indian food company.

In a disclosure to the Philippines Stock Exchange (PSE), DMPL said it will be swapping its Del Monte India shares for about 13 percent direct shareholding in Agro Tech Foods Limited (ATFL), a consumer food products company that is dual-listed on the National Stock Exchange and Bombay Stock Exchange in India. 

It added that “ATFL will likewise acquire the 59 percent equity stake of the Bharti Group in Del Monte India.”

“The Group will continue licensing the Del Monte trademark to Del Monte India on a perpetual and exclusive basis to protect the value of the brand by safeguarding Del Monte quality standards and derive royalties therefrom,” it also said.

ATFL is a leading player in India’s food and edible oils industry and holds popular consumer brands such as ACT II popcorn and Sundrop edible oil. 
Its acquisition of Del Monte India brings an established portfolio of food products under ATFL’s umbrella, marking a significant step forward in its strategic expansion. 

ATFL has just rebranded itself as Sundrop Brands, reflecting a renewed commitment to its growth aspirations. It is a formidable platform of consumer branded products with a market capitalization of about $274 million and annual net sales of $90 million as of ATFL’s financial year end March 31, 2024. 

DMPL said ATFL has also had a good dividend distribution record, consistently declaring dividends at INR3 per INR10 face value of its ordinary shares for the last several successive financial years.

“The Group’s direct investment in ATFL means that it would be invested in a broader business that includes profitable product categories which have yielded shareholder returns for several years,” DMPL said. 

It added that “a direct equity stake in a company whose ordinary shares are listed in stock exchanges generally means more liquidity for its shareholders and enhanced corporate governance practices and benefits."

ATFL has a bigger consumer packaged goods platform with a wider and deeper distribution network in India, a proven financial and operating track record and established corporate governance in connection with the listing of ATFL’s shares in stock exchanges in India. DMPL believes that ATFL is well positioned to further grow the Del Monte brand in India.

“India has been an exciting and flourishing market, and we are proud of the brand’s journey and impact on the Indian food industry. Under Sundrop Brands’ platform, we believe the Del Monte brand will reach new heights in India,” said DMPL Executive Chairman Rolando Gapud. 

He noted that “this transaction supports the Group’s strategic focus on its core markets and partnerships that drive growth.”
 

Related Tags

Del Monte Pacific Limited Rolando Gapud Agro Tech Foods Limited
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