JAPAN: Suntory Beverage & Food stock up after solid debut
Suntory Beverage & Food made its debut on the Tokyo Stock Exchange yesterday
Shares in Suntory's food and soft drinks unit have risen today (4 July) following a steady debut on the Tokyo Stock Exchange yesterday.
Suntory Beverage & Food's stock closed today up 1.74% at JYN3,200 (US$32). Yesterday the shares traded at a high of JYN3,195 per share, before closing at JYN3,145.
The closing price yesterday was a 1.5% increase on the initial public offering level.
Last month, the Osaka-based group said it will use the IPO proceeds to pay back bank debts for past acquisitions and make strategic investments at home and abroad.
Suntory bottles and distributes PepsiCo's products in Japan.
PepsiCo has declined to comment on a report claiming the company has agreed a partnership in Myanmar with South Korean beverage firm Lotte Chilsung. ...
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