Singapore state fund invests in Philippine tuna canner

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Century tunaSingapore’s sovereign wealth fund GIC has invested in Century Canning Corp ahead of the listing of the latter’s subsidiary, the Filipino tuna canner Century Pacific Food, reported InterAksyon.com.

In a disclosure to the Philippine Stock Exchange, Century Pacific said Government of Singapore Investment Corp (GIC), through its private equity arm, and CCC entered into an exchangeable loan agreement amounting to $76 million. The debt carries an interest rate of 5 per cent.

CCC is the majority owner of Century Pacific, which is gearing towards a share listing on Singapore’s stock exchange on May 6, potentially raising up to $71 million.

Founded by businessman Richard Po Sr. 35 years ago, Century Pacific processes and sells processed fish in the Philippines, including under the Century Tuna and 555 brands.

CCC will use the proceeds to finance the expansion of existing subsidiaries including but not limited to Century Pacific, possible acquisitions and entry into new businesses, and other general corporate purposes. The deal runs for a year but may be extended by both parties.

GIC’s partnership with CCC, and its possible entry in Century Pacific, may be considered a vote of confidence in the Philippine tuna canner and the Philippine economy’s strong fundamentals, said InterAksyon.

“We are pleased to have a world class investor such as GIC as one of our stakeholders. We look forward to a long term, value-creating partnership with them. The financing provided by this transaction will allow us to support our various businesses, including Century Pacific Food Inc, as well as take advantage of opportunities that arise from our fast growing economy,” said CCC president and chief executive officer Christopher Po.

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Reading Time: 2 minutes

Singapore’s sovereign wealth fund GIC has invested in Century Canning Corp ahead of the listing of the latter’s subsidiary, the Filipino tuna canner Century Pacific Food, reported InterAksyon.com.

Reading Time: 2 minutes

Century tunaSingapore’s sovereign wealth fund GIC has invested in Century Canning Corp ahead of the listing of the latter’s subsidiary, the Filipino tuna canner Century Pacific Food, reported InterAksyon.com.

In a disclosure to the Philippine Stock Exchange, Century Pacific said Government of Singapore Investment Corp (GIC), through its private equity arm, and CCC entered into an exchangeable loan agreement amounting to $76 million. The debt carries an interest rate of 5 per cent.

CCC is the majority owner of Century Pacific, which is gearing towards a share listing on Singapore’s stock exchange on May 6, potentially raising up to $71 million.

Founded by businessman Richard Po Sr. 35 years ago, Century Pacific processes and sells processed fish in the Philippines, including under the Century Tuna and 555 brands.

CCC will use the proceeds to finance the expansion of existing subsidiaries including but not limited to Century Pacific, possible acquisitions and entry into new businesses, and other general corporate purposes. The deal runs for a year but may be extended by both parties.

GIC’s partnership with CCC, and its possible entry in Century Pacific, may be considered a vote of confidence in the Philippine tuna canner and the Philippine economy’s strong fundamentals, said InterAksyon.

“We are pleased to have a world class investor such as GIC as one of our stakeholders. We look forward to a long term, value-creating partnership with them. The financing provided by this transaction will allow us to support our various businesses, including Century Pacific Food Inc, as well as take advantage of opportunities that arise from our fast growing economy,” said CCC president and chief executive officer Christopher Po.

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