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Business deals

Del Monte Philippines to sell its 13% stake to Singapore investor

Food processor expects to grow fruit sales in China after $130m deal

Del Monte Philippines produces and sells food and beverages in the Philippines under the Del Monte brand and exports them under the S&W brand.   © Reuters

CEBU, Philippines -- Del Monte Philippines, a wholly owned subsidiary of global food and beverage company Del Monte Pacific, has recently announced plans to sell 13% of its ordinary shares to Singapore-incorporated SEA Diner Holdings for $130 million.

The proposed share sale comes more than a year after Del Monte Philippines shelved its planned initial public offering, which the company hoped would raise up to $324 million, due to "adverse market conditions."

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