Del Monte's Philippine unit files for IPO of up to $428 million

(Feb 6): The Philippine unit of Del Monte Pacific plans to raise up to US$324 million ($428 million) through a public share sale to pay existing loans, the company said on Tuesday.

The pineapple producer sought for the Securities and Exchange Commission's approval of Del Monte Philippines Inc's initial public offering (IPO).

Del Monte Philippines will sell 559.46 million shares, or 20% of outstanding shares, at a maximum price of 29.88 pesos each ($0.77), the company said in a disclosure to the Philippine and Singapore stock exchanges.

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