DMP did not meet the PSE’s extended deadline “due to the same reasons disclosed by the company (when) requesting the extension”, the company says
[SINGAPORE] The Philippine Stock Exchange (PSE) suspended trading of shares of Del Monte Pacific (DMP) with effect from Tuesday (Sep 16), as it failed to submit its annual report by an extended deadline.
The dual-listed canned food brand was due to submit its annual report to the Philippine bourse operator on Monday, having on Aug 27 asked the PSE to extend the deadline to Sep 15. It also requested an extension from the Singapore Exchange (SGX).
However, DMP could not meet the PSE’s extended deadline “due to the same reasons disclosed by the company (when) requesting the extension,” the company said.
It previously said that “consolidation difficulties” linked to its US-based subsidiary that filed for bankruptcy, Del Monte Foods (DMF), were part of the reason for the extension requests. DMP in July announced that it would deconsolidate DMF from its accounts as it has lost control of the US unit.
The group noted that the audit was taking “longer than usual to complete”.
DMP’s FY2024 annual report indicated that DMF’s sales of US$1.7 billion accounted for over 70 per cent of DMP’s group sales. The US unit has recorded significant losses in its last few quarters.
In June, DMP skipped a payment to the US unit’s creditors as part of a lawsuit settlement tied to a controversial debt restructuring.
Subsequently, the lenders appointed a majority of DMF’s board members and 25 per cent of DMP’s stake in the unit was transferred to them.
Del Monte Pacific called for a trading halt on the SGX on Wednesday morning after market open. It shares last closed on Tuesday at S$0.105, down S$0.002 or 1.9 per cent.
