Betty Ang has already used 70 percent of Monde’s P47B IPO funds in just 4 months
Business

Betty Ang has already used 70 percent of Monde’s P47B IPO funds in just 4 months

Food giant Monde Nissin has deployed P34 billion of its initial public offering (IPO) proceeds over the last four months to reduce its debt and expand operations in the Philippines and Thailand.

Party pooper: Monde drops 8% after ‘cornerstone investor’ dumps P1.4B stake in the market

Monde led by bilyonaryo president and founder Betty Ang spent P13.4 billion from July to September this year to pay off P12.2 billion in loans, and expand and innovate operations in the Philippines (P890 million) and Thailand (P249.5 million).

Betty Ang finally beats Lance Gokongwei: Monde gains P100B market cap since IPO as URC tumbles

Overall, Monde has slashed its debts by P13.3 billion, pumped in P2.128 billion in new investments into its Philippine business, and retired P13.351 billion in debt papers to Singapore state investment fund GIC Pte.

The maker of Lucky Me Instant Noodles and SkyFlakes still has P14.7 billion left from its IPO.

Monde decided to defer its programmed capital expenditures to reduce its loans to Metropolitan Bank and Trust Co. (P5.978 billion), BDO Unibank (P5.691 billion) and Bank of the Philippine Islands (P3.9 billion).

 

MONDE v URC: Betty Ang poised to steal Lance Gokongwei’s crown as PSE’s biggest pure food play

 
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