Market volatility delays Del Monte's P44-billion IPO

of processed food maker Del Monte Philippines, Incorporated will be delayed, as areas in the Philippines return to lockdown.

In a regulatory filing, listed Del Monte Pacific Limited said that the board of directors decided to delay subsidiary DMPI's IPO"in light of increased market volatility." "Amidst a surge of COVID-19 cases in the Philippines and in the region, the PSE has been highly volatile in recent weeks, and the board believes that it is in the best interests of the company, its shareholders, and potential investors to defer the listing until conditions improve," Del Monte Pacific said.

"The board remains committed to listing DMPI and continues to believe strongly in the growth and resilience of its business," it added. DMPI was supposed to conduct its IPO beginning August 9, while the PSE debut should have been on August 23. DMPI got the

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COL Financial: Don’t abandon PH stock market just yetThe government’s poor response to the COVID-19 crisis weighed on the stock market as of end-July, culminating in the shock announcement of another hard lockdown in Metro Manila that spooked investors and triggered another selloff.
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