Del Monte buying over US namesake business

TWO Singapore listed food players yesterday announced separate corporate deals as they seek to expand their global footprints.

Mainboard-listed plantation company Del Monte Pacific is selling some stakes to boost its war-chest to fund its purchase of a US food company of the same name, while another Singapore-listed food player, SunMoon Food Company, is buying into a US-based beverage maker.

Del Monte Pacific announced it had entered into a subscription deal with Ace Profit Enterprise and Anatoli Holdings, both of whom have agreed to invest US$37.25 million each for a "minority stake" in it.