PSE suspends Del Monte trading

The Philippine Stock Exchange (PSE) suspended trading on shares of Campos family-led food manufacturer Del Monte Pacific Ltd. (DMPL) on Tuesday as penalty for failure to submit required reports.

The PSE said DMPL had yet to file its annual report for the year ended April 30, 2025 as of Sept. 15. As such, it implemented the trading suspension starting 9 a.m.

For its part, DMPL—which is dually listed on the Singapore Exchange (SGX)—said the delay in its reporting was “in view of circumstances beyond the company’s full control.”

It cited “consolidation difficulties” with its US-based subsidiary, Del Monte Foods Holdings Ltd., which it had deemed discontinued operations at the end of fiscal year 2025.

DMPL requested both the SGX and PSE for an extension of the deadline to submit its annual report.

DMPL, which uses the ticker “DELM,” is an investment holding company with subsidiaries principally engaged in growing, processing and selling packaged fruits, vegetable and tomato sauces, condiments, pasta and broth. Its products include the brand names Del Monte, S&W, Today’s, Contadina and College Inn.

In July, DMPL disclosed that its loss-making American unit put assets up for sale and sought for bankruptcy court protection as part of a rehabilitation program drawn up with creditors.

Del Monte Foods Corp. II Inc. entered into a restructuring support agreement with a group of lenders and initiated voluntary Chapter 11 proceedings at the New Jersey bankruptcy court.

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To support the strategic transactions and fund its ongoing operations subject to court approval, Del Monte Foods obtained a commitment for $912.5 million in debtor-in-possession (DIP) financing, inclusive of $165 million in new funding, from some of its existing lenders.

DIP financing allows companies in bankruptcy proceedings to get new money to continue the normal course of business. Such loans, which are prioritized over existing debt, equity and other claims, are meant to help the debt-strapped company revitalize operations and eventually settle debt.

With the dilution of its interest, DMPL has been assessing the financial impact that the deconsolidation of Del Monte Foods might have on the group.

Its net investment value in the US company was $579 million as of end-January this year. In addition, DMPL and its affiliates have a net receivable of $169 million.