• Del Monte Pacific Limited sold 4.99 percent of Sundrop Brands for about $15 million, with more sales planned.
• Proceeds go to Philippine operations as the group raises equity to cut debt after U.S. impairments.
• Buyer was promoter CAG-Tech (Mauritius) Limited; US deconsolidation cut liabilities by about $1.5 billion.
The Campos family-led food giant Del Monte Pacific Limited has completed the sale of a 4.99 percent stake in Sundrop Brands for about $15 million, with more share sales expected to follow.
The group said in a regulatory filing on Friday the cash will be used to support its Philippine operations.
Sundrop Brands is a large food and edible oils company in India, best known for ACT II popcorn and Sundrop cooking oil, and is listed on both the NSE and the Bombay Stock Exchange.
The shares were sold by DMPL’s indirect unit to CAG-Tech (Mauritius) Limited, the promoter of Sundrop Brands, which owns about 33.92 percent of the company.
CAG was previously owned by Conagra Brands before being sold in 2024 to investors backed by Convergent Finance and Samara Capital.
DMPL has also signed a separate agreement to sell another 1.45 percent stake to an independent buyer on similar terms, subject to closing conditions.
The company said it will give further updates as it continues to reduce its shareholding in Sundrop Brands.
In its latest financial filing, the group said it plans to raise more equity to bring down debt and address the capital shortfall linked to impairments in its US investments in fiscal 2025. This has cut total debts by about $1.5 billion.
—Edited by Miguel R. Camus
