June 6, 2018 / 1:33 PM / 2 months ago

UPDATE 1-Del Monte Philippines set to postpone share listing - sources

* First Philippine IPO postponed

* Del Monte waiting for favourable market conditions

* Lukewarm demand from Philippine investors (Adds details, background)

By Anshuman Daga and Neil Jerome Morales

MANILA/SINGAPORE, June 6 (Reuters) - Del Monte Philippines Inc is likely to postpone its planned initial public offering (IPO) of up to 13.5 billion pesos ($258 million) of shares as weak markets dampened demand, sources familiar with the matter said on Wednesday.

The Philippines’ stock market is Southeast Asia’s worst performer this year, hit by rising inflation and a weak currency.

The subsidiary of Del Monte Pacific Ltd had planned to raise funds in what would be the Philippines largest food and beverage IPO on record but it failed to secure enough interest from local investors, said the sources, who declined to be named as they were not authorised to speak to the media.

The IPO, the first in the Philippines this year, was set to be priced on Wednesday. About 30 percent of the shares were to be offered to foreign investors.

Reuters was not able to immediately reach Del Monte officials outside regular office hours.

The sources did not say when the IPO would go ahead. The Philippines’ broader index has fallen 10 percent this year.

Another Philippine company, property developer D.M. Wenceslao and Associates Inc, is scheduled to finalise on Friday the offer price for its IPO. It plans to raise as much as 10.87 billion pesos ($207 million). ($1 = 52.4060 Philippine pesos) (Reporting by Neil Jerome Morales in MANILA and Anshuman Daga in SINGAPORE; Additional Reporting by Enrico dela Cruz Editing by Edmund Blair and Elaine Hardcastle)

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