Singapore sovereign wealth fund, Government of Singapore Investment Corp (GIC), has invested PHP3.4bn ($76.2m) in Century Canning Corp (CCC), parent company of soon-to-be-listed Century Pacific Food (CNPF).
GIC and CCC have signed an Exchangeable Loan Agreement, the proceeds of which will be used by CCC to finance growth and expansion of existing subsidiaries including but not limited to CNPF, possible acquisitions, potential foray into new businesses, as well as other general corporate purposes.
The term of the agreement is one year, and can be extendable by both parties. GIC will also have the option to exchange both the principal and all accrued interest into 245.5 million issued and outstanding shares of CNPF.
If and when the exchange option is exercised, GIC will own about 11% of CNPF's issued and outstanding shares.
CCC and CNPF president and CEO Christopher Po said, "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."
