Century Pacific sets P3.3-B IPO

MANILA, Philippines - Century Pacific Food Inc., the country’s largest canned goods producer, is all set for a P3.33-billion  initial public offering (IPO).

In an en banc decision, the Securities and Exchange Commission approved the registration  statement of Century Pacific, the second firm to debut in the local bourse through an IPO.

Century Pacific will list 2.22 billion common shares, of which 229.654 million shares will be offered to  the public at a maximum price of P14.50 each to raise as much as P3.329 billion.

Proceeds from the IPO will be used to fund planned capital expenditures for expansion and profit  improvement, potential opportunistic acquisitions, retirement of debt, and working capital.

The offer period is from April 23 to 29, while the listing of the shares in the Philippine Stock Exchange  is scheduled on May 6. The first IPO for the year, DoubleDragon Properties Corp., will list in the local  bourse on April 7.

Century Pacific is being advised by Evercore Asia Ltd. while the offer will be underwritten jointly by  BDO Capital, BPI Capital and First Metro Investment Corp.

Following the corporate regulator’s approval, Century Pacific said it will conduct roadshows in Cebu  on April 8 and in Manila on April 11.

“Over the last 35 years, Century Pacific has established a strong brand and product portfolio through,  and supported by, continuous product innovation, brand building and acquisition of brands from third  parties,” the company said.

Century Pacific, the firm behind leading brands Century Tuna, Argentina and 555, is the Philippines’  largest producer of canned goods, cornering 84.1 percent of the domestic canned tuna market, 42.5  percent for corned beef and 25.6 percent for meat loaf.

The tuna manufacturer plans to strengthen its market leadership through new products and  partnerships while venturing into new categories such as coconut water and premium meat products.

Last year, profits of Century Pacific hit P690.29 million as net sales reached P19.06 billion.

Century Pacific started operations in 1978 when businessman Ricardo S. Po Sr. set up Century Canning. Other brands  of Century Pacific include Blue Bay, Wow, Birch Tree, Angel, Fresca, Lucky 7 and Shanghai.