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Tuesday, April 8, 2014

PSE clears IPO of Century Tuna manufacturer

MANILA – The Philippine Stock Exchange has cleared the maiden share sale of the manufacturer of Century Tuna, the second company to join the bourse through the initial public offering (IPO) route this year.

Century Pacific Food Inc of the Po family is raising P3.3 billion from the sale of 229.65 million shares at a maximum price of P14.50 per share, giving the food manufacturer a market capitalization of P32.33 billion after the share sale.

The offer shares represent 10.30 percent of the company's outstanding capital stock.

Last week, Century Pacific secured the green light from the Securities and Exchange Commission to launch its IPO.

The final offer price will be set on April 21. The offer period will run from April 23 to 29, with the listing of the shares on the Main Board at the Philippine Stock Exchange on May 6.

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 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.


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