PH’s Century Pacific allots $9.96m for new storage factories

Food and brand visual from company homepage

The Philippines’ largest canned food company Century Pacific Food Inc (CNPF) has allocated P439 million ($9.96 million) of the P3.2 billion ($75.6 million) funds raised through its initial public offering (IPO) to its new storage facilities.

CNPF disclosed to the stock exchange that the company’s board of directors has approved the reallocation of the partial IPO gains originally intended for the construction of a tin can factory in General Santos City, and the completion of a new dairy and mixes plant in Taguig City.

Prior to the IPO, CNPF said the factories were partially funded by operating cash in order to fast-track their completion.”Both plants are now currently fully operational. The tin can factory in General Santos was also completed below its expected budget,” CNPF said in its statement, noting the latter is expected to become commercial by the first quarter of 2016.

A wholly-owned subsidiary of Century Canning Corporation, CNPF made its debut in the local stock market in May 6, 2014 raising P3.2 billion via the sale of 230 million shares at P13.75 apiece. Its IPO was 3.5 times oversubscribed.

CNPF is the maker of brands Century Tuna, Argentina Corned Beef, 555 Sardines, Angel, and Birch Tree.

Singapore’s sovereign wealth fund, GIC through Arran Investment Private Ltd has extended a P3.4 billion ($77.1 million) loan to it’s parent company,Century Canning Corporation. The loan is convertible to 250 million issued and outstanding shares of CNPF. Arran is an affiliate of GIC Private Ltd, one of the world’s largest fund management companies with assets under management of over $100 billion.

CNPF’s last traded price on Monday was at P18.80.

Also Read: GIC invests $391m to buy 9.64% in Emperador

 

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.