Finance Secretary Carlos Dominguez III said Tuesday Monde Nissin’s landmark stock market transaction that has attracted overwhelming demand worldwide is testament to the high confidence of the global investor community in the Philippines’ strong recovery from the economic shock of the COVID-19 pandemic.
Dominguez said he expects Monde Nissin, a Philippine company known for its iconic food brands, to use the proceeds from its blockbuster initial public offering (IPO) to further expand its business activities and open up more job opportunities for Filipinos.
Monde Nissin’s IPO of more than USD1-billion is the largest ever public offering in the Philippine Stock Exchange (PSE) and also in Southeast Asia in the food and beverage segment.
According to the company, its IPO that has attracted both international and domestic investors was multiple times oversubscribed.
“This shows that the Philippines is very capable of winning over world-class equity investors in billion-dollar issue sizes. This offering is also a testament to the high confidence of investors in the post-pandemic recovery of the Philippine economy,” said Dominguez at Monde Nissin’s listing in the PSE this morning.
“Monde Nissin’s landmark transaction sends a clear message that our economy will soon regain its momentum and will bounce back stronger than ever,” he added.
He congratulated Monde Nissin for “its success in building a world-class company that other Filipino enterprises may emulate.”
Dominguez noted that even amid the ongoing pandemic, this period has proven to be “an exciting time for the Philippine stock market” which has witnessed several other landmark offerings from the retail and telecommunications sectors, and the entry of Real Estate Investment Trust (REIT) players.
“I am sure that the Philippine stock market is poised to see more blockbuster offerings as interest in our economy continues to grow,” he said.
These “promising developments” underscore the importance of rapidly developing the Philippines’ capital markets through reforms that would encourage financial deepening and a broad-based and inclusive financial system fit for the 21st century, Dominguez said.
Dominguez noted that Monde Nissin has not only been a part of the daily lives of Filipino consumers, but “more importantly, the company has created thousands of quality jobs for our people.”
With its food products becoming staple items in many Filipino households, Monde Nissin has become a corporate giant, and proven that it can compete with the world’s best brands by expanding its business worldwide, Dominguez noted.
“With this initial public offering, we expect Monde Nissin to use the proceeds to further scale up its business and create even more employment opportunities for the Filipino people. Expanding business activities and introducing new high-value investments into our economy will help us speed up our recovery efforts,” Dominguez said.
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