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Friday, April 11, 2014

Century Tuna maker sets P12.40-14.50 price range for IPO shares

MANILA – The maker of Century Tuna has set the price range for its upcoming initial public offering (IPO), the second for the year.

In a letter to the Philippine Stock Exchange today, Century Pacific Food Inc president Christopher T. Po said the manufacturer may offer its shares at P12.50-14.50 per share in its maiden share sale. At this range, the company can raise between P2.87-3.33 billion.

The final offer price for Century Pacific’s equity offering will be set on April 21.

Century Pacific targets to sell 229.65 million shares, or a tenth of the company’s outstanding capital stock, from April 23-29. The listing of the shares on the Main Board of the PSE will be on May 6.

At the maximum price, Century Pacific will have a market capitalization of P32.33 billion after the share sale.

Apart from Century Tuna, the company's brands include 555 Sardines, Argentina Corned Beef, Swift, Angel and Birch Tree.

Proceeds of the share sale will be used to repay debt, fund working capital and potential acquisitions, expand production capacity and improve efficiency.

Century Pacific is being advised by Evercore Asia Limited. BDO Capital Investments Corporation, BPI Capital Corporation and First Metro Investment Corporation were tapped to underwrite the offering.

Century Pacific, which has cleared all regulatory hurdles for its maiden share sale, is the third company to go public this year after Top Frontier Holdings Inc, which joined the bourse through listing by way of introduction, and DoubleDragon Properties Corp, the first to undertake an IPO.


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