PHILIPPINES: Pepsi-Cola to use IPO funds to pay off debts
Pepsi-Cola Products Philippines (PCPP) has detailed how it will spend the proceeds from its recent IPO.
The company, which holds the Pepsi Bottling Group licence for the Philippines, said yesterday (25 March) that part of the PHP4bn (US$97.2m) will be used to pay off PHP800m in debts. PCPP said in a disclosure that it remains committed to the spending plans detailed in January, but that paying off the loans would be "in the interest of prudent fiscal management".
The IPO, which was launched in January, will allow the company to invest PHP628m on additional non-carbonated product lines, with PHP284m earmarked for the expansion of carbonated beverage production. Up to PHP284m will be spent on PET bottle manufacture.
January's IPO was launched at PHP3.50 per share, after the company revised its price range from PHP6 to between PHP3.50 and PHP4.30 earlier this year. When trading began on 1 February, however, the shares opened at PHP3.30, with trading towards the end of the day dipping as low as PHP2.90.
PCPP is 32.9%-owned by PepsiCo, whereas its major competitor Coca-Cola Bottlers Philippines Inc. is now 100%-owned by Coca-Cola.
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