Del Monte mulls US subsidiary IPO; eyes higher FY22 net profit

The canned food brand plans to delay IPO of its 87%-owned Philippine subsidiary on Covid surge

Uma Devi

Published Sat, Sep 11, 2021 · 05:50 AM

Singapore

CANNED food brand Del Monte Pacific Limited is actively looking for ways to "protect margins" and expand its product offerings that will allow the company to capitalise on market opportunities and changing consumer trends, said company executives on Friday.

In a call to discuss the company's latest financial results, Parag Sachdeva, chief financial officer of Del Monte's subsidiary Del Monte Philippines Inc (DMPI), said the company is considering an initial public offering (IPO) of its 93.6 per cent-owned US subsidiary Del Monte Foods Inc (DMFI) as one option to improve its capital structure and business performance.

The IPO could take anywhere from 18 to 24 months to materialise, but things could be subject to change…