Del Monte Foods revives IPO plan

MANILA, Philippines — Del Monte Foods Holdings Ltd. (DMFHL) is reviving its plan to embark on an initial public offering (IPO).

In a disclosure yesterday, Del Monte Pacific Ltd. (DMPL) said its subsidiary DMFHL intends to submit a draft registration statement with the Securities and Exchange Commission (SEC) in the US relating to a proposed IPO of its ordinary shares.

DMFHL is the parent of Del Monte Foods Inc. which holds DMPL’s US business.

Both the Del Monte Group’s US and Philippine business have previously considered going public. Del Monte Philippines Inc. initially slated its IPO on June 27, 2018 and revived it in 2020 but decided to shelf this again due to the COVID-19 pandemic.

The number of ordinary shares to be offered and the price range for the proposed offering have not yet been determined, DMPL said in its disclosure yesterday.

The proposed offering is subject to, among other things, completion of the SEC review process, market and other conditions, including any required shareholders’ approval.

DMPL is dual listed on the main boards of the Singapore Exchange Securities Trading Limited and the Philippine Stock Exchange Inc. The company is 71 percent-owned by NutriAsia Pacific Ltd. and Bluebell Group Holdings Ltd., which are beneficially-owned by the Campos family.

A subsidiary of the NutriAsia Group, NutriAsia Inc. is the market leader in the liquid condiments, specialty sauces and cooking oil market in the Philippines.

The Del Monte Group is a global branded food and beverage company that caters to today’s consumer needs for premium quality, healthy products, which innovates, produces, markets and distributes its products worldwide.

Its heritage brands are Del Monte, S&W, Contadina, Kitchen Basics and College Inn – some of which originated in the USA more than 100 years ago as premium quality packaged food products.

The Group has exclusive rights to use the Del Monte trademarks for packaged products in the US, South America, the Philippines, Indian subcontinent and Myanmar, while it owns S&W globally except for Australia and New Zealand.

The Group owns the Contadina and College Inn trademarks in various countries.

It likewise sells packaged fruit, vegetable and tomato, sauces, condiments, pasta, broth, stock, juices and frozen pineapple, under various brands and also sells fresh pineapple.