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Del Monte Pacific to defer preference shares offer due to weak markets
WEAK global market conditions have caused food and beverage company Del Monte Pacific to defer an international offering of up to US$360 million worth of preference shares.
The offering was meant to refinance the company's bridge loan with BDO Unibank which partially funded the company's acquisition of Del Monte Corp's consumer food business in 2014.
"The company is making arrangements for the extension of such bridge loan. The company will continue to monitor the financial markets, and undertake the offering under better market conditions," Del Monte Pacific said in a Thursday announcement.
Del Monte Pacific is dual-listed on the mainboard of the Singapore Exchange (SGX) and the Philippine Stock Exchange (PSE).
Separately, the company is raising up to US$180 million from a rights issue in Singapore and the Philippines to repay a bridging facility of US$165 million from the Bank of Philippines Islands.
On Wednesday, it said it has obtained approval from the PSE for the rights issue.
Del Monte Pacific traded half a cent lower at S$0.48 at 10.28am on SGX.