Del Monte Pacific seeks to raise US$180m through rights issues
Rights offerings in Singapore and the Philippines a move to deleverage and boost balance sheet, says company
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Singapore
FOOD and beverage company Del Monte Pacific Ltd, which is dual listed on the mainboard of the Singapore Exchange (SGX) and the Philippine Stock Exchange (PSE), has proposed to undertake a renounceable underwritten rights issue in Singapore and a stock rights offering in the Philippines to raise gross proceeds of up to US$180 million, in a move to deleverage and strengthen its balance sheet.
In an SGX announcement posted on Monday, the company said the issue price will be set at a discount within the discount range of 20 per cent to 25 per cent to a reference price.
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