North Star Meat Merchants, whose partners include SM Markets and Waltermart, is raising P4.5 billion to expand its operations.
MANILA, Philippines – Meat vendor North Star Meat Merchants is aiming to raise P4.5 billion through an initial public offering .on Tuesday, March 22, filed with the Securities and Exchange Commission its registration statement for the offer and sale of 360 million primary shares and 32 million secondary shares, with an overallotment option of up to 58 million shares. Shares will be offered at a price of up to P10 each.
North Star, which will have a stock symbol of NSTAR, aims to use the funds to “accelerate the expansion of its end-to-end cold chain infrastructure and operations.” Anthony Ng, North Star’s 42-year-old founder and chief executive officer, said, “With increasing demand for fresh and frozen protein, we are keen on accelerating the growth and reach of the company to consistently provide safe, quality, and affordable meat for everyone.”
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