Century Pacific canned tuna. (Photo Credit: Century Pacific)

Century Pacific hopes to make USD 71 million at the Stock Exchange

Leading food manufacturer Century Pacific Foods Inc.expects to collect about PHP 3,160 million (USD 71 million) for the sale of a tenth of the company’s outstanding capital stock through an initial public offering (IPO).

The firm is to sell 229.65 million shares at PHP 13.75 (USD 0.31) per share from 23 to 29 April. The listing of the shares on the main board of the PSE (Philippine Stock Exchange) will be on 6 May.

Proceeds of the share sale of the company, which owns the brands Century Tuna, 555 Sardines, Argentina Corned Beef, Swift, Angel and Birch Tree, will be used to repay debt, fund working capital and potential acquisitions, expand production capacity and improve efficiency, InterAksyon reported.

Century Pacific Foods, plans to use majority of the net proceeds to settle short-term financial obligations with Metropolitan Bank & Trust Co., Bank of the Philippine Islands, BDO Unibank Inc., ANZ Banking Group and Security Bank, The Manila Standard informed.

The firm is currently building a tin can factory in General Santos City to supply a certain portion of the company’s tin can requirement. The new facility is designed to have a production capacity of at least two million tin cans a year, representing 25 per cent to 30 per cent of the company’s requirements. The plant is expected to be operational by the end of 2014.

The company is also building a new dairy and mixes plant in Taguig City, which is expected to further increase the company’s dairy production from 5,500 cases a day to 11,000 cases.

Majority-owned by Century Canning Corp., Century Pacific Foods, is a leading branded food company primarily engaged in the development, processing marketing and distribution of processed fish meat in the Philippines.

Currently operates five production facilities in the country. It also produces private label canned, pouched and frozen tuna product for export to major markets including the US, Germany, the United Kingdom and Japan. 

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Address:	7F, 8F, & 19F Centerpoint Building, Julia Vargas corner Garnet Street, Ortigas Business Center
City:	Pasig
State/ZIP:	Manila (1605)
Country:	Philippines
Phone:	+63 2 633 8555
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