MONDE NISSIN RECEIVES PHILIPPINE STOCK EXCHANGE APPROVAL FOR PROPOSED IPO

KUALA LUMPUR, April 26 (Bernama) -- Global food and beverages company, Monde Nissin Corporation (Monde Nissin) has received the Notice of Approval from the Philippine Stock Exchange (PSE) for its proposed initial public offering of its Common Shares (the Offer).

The PSE approval comes one day after Monde Nissin received pre-effective approval from the Philippine Securities and Exchange Commission.

As previously announced, Monde Nissin plans to issue up to approximately 20 per cent of the issued and outstanding capital stock of the Company after completion of the Offer if the overallotment option is not exercised.

The Company intends to use the net proceeds from the primary offer to fund Capital Expenditure, redemption of the Arran Convertible Note, and repayment of loans to commercial banks.

The final timing of the Offer, final offer price, final number of offer shares, and allocation of the proceeds will depend on market conditions, the circumstances surrounding the Offer, and will be subject to favourably securing the remaining necessary regulatory approvals.

Monde Nissin in a statement said: “We are excited about the prospect of becoming a global public company and believe that Monde Nissin provides a compelling investment opportunity.

“We combine the stability of our Asia-Pacific Food and Beverage business and the strong positions that our noodles, crackers and baked goods have in the Philippines with the exciting growth opportunities from Quorn, which is poised to build on its loyal customers and expand its reach and product offerings to compete and win in the rapidly growing global meat alternatives market.”

UBS AG Singapore Branch, Citigroup Global Markets Limited and J.P. Morgan Securities plc will serve as Joint Global Coordinators and Joint Bookrunners for the proposed offering.

More details at www.mondenissin.com.

-- BERNAMA