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REFILE-Singapore's Del Monte Pacific delays Philippine unit IPO

Reuters SG
Updated ·1-min read

(Corrects dateline to Aug. 4 from Aug. 3)

Aug 4 (Reuters) - Del Monte Pacific Ltd said on Wednesday it will delay the initial public offering of its Philippine unit amid volatility in the stock exchange as the country reels from a surge in cases of the Delta variant of the coronavirus.

The offering, expected to raise up to 44.1 billion Philippine pesos ($888.84 million), making it the second-largest share offering in the Philippines, will be deferred until conditions improve, the Singapore-based food and beverage company said. ($1 = 49.6150 Philippine pesos) (Reporting by Sameer Manekar in Bengaluru; Editing by Shounak Dasgupta)