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Singapore's GIC invests $95.7m in Philippines' canned fish producer

Published on May 2, 2014 3:05 PM

MANILA (Reuters) - Singapore's sovereign wealth fund, GIC, has agreed to extend a 3.4 billion peso (S$95.7 million) loan convertible into equity to the parent of Century Pacific Food Inc, ahead of the latter's Philippine listing.

Century Pacific told the Philippine Stock Exchange on Friday its parent, canned fish producer Century Canning Corp, will use the proceeds to finance expansion.

Century Pacific will be listed on May 6 following a 3.2 billion peso initial public offering.

The loan agreement is for one year, but may be extended by either party and carries an interest rate of 5 per cent.

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