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Liam O'Callaghan

BY LIAM O'CALLAGHAN

Thursday 8th July 2021, 09:27 Hong Kong

Del Monte Philippines IPO set to go

Fresh pineapples expected to be a growth driver following impending public offering

Del Monte Philippines IPO set to go

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Del Monte Philippines is ready to issue its P44bn (US$882m) IPO once it has received regulatory approval, according to the company’s chief operating officer.

In an interview with ANC, chief operating officer Luis Alejandro said the public offering is “all set to go”, three years after it deferred initial plans due to adverse market conditions.

"We are a stronger company than we were three years ago," Alejandro said.

"Once that approval is given we will be all set to go. Hopefully, as soon as we get the approval, we will be on our way.”

Alejandro said Del Monte Philippines had fared well during the pandemic and was able to capitalise on a focus on health and wellness with its products. This trend plus its fresh pineapple business are expected to drive growth.

“The demand for health and wellness will continue, I don’t think that will stop and that will benefit our products very well,” said Alejandro.

“Del Monte Philippines also has an international business, we are the number one fresh pineapple exporter to China and that in itself has not been maximised, so we believe that will be another growth driver for us moving forward.”

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