Del Monte pays first dividend on preference shares


Posted at Oct 09 2017 08:35 AM

MANILA - Del Monte Pacific Ltd said it would pay on Monday the first dividend for its Series A-1 preference shares.

The company set a coupon rate of 6.625 percent per annum or $0.33125 per Series A-1 share from April 7 to October 7, Del Monte said in a statement.

Investors would benefit from the weakness of the peso against the dollar, as the exchange rate had risen to the P51 level from P50.17 at the time of the listing in April, Del Monte said.

Del Monte's Series A-1 is the first US dollar-denominated securities to be listed in the Philippine Stock Exchange.

The listing generated $200 million during the initial offer and a balance of $150 million has yet to be issued, Del Monte said.