Del Monte Pacific Limited (DMPL) said Friday it has asked the Philippine Stock Exchange (PSE) to lift the trading suspension imposed earlier this week after its external auditor issued a disclaimer of opinion on the company’s latest financial statements.
The auditor cited insufficient evidence related to the discontinued operations of DMPL’s U.S. subsidiary, which has filed for Chapter 11 bankruptcy protection. Trading on the Philippine bourse was halted on September 16 and remains suspended as of Friday.
In a statement, DMPL said it “respectfully filed a waiver request” with the PSE, clarifying that the disclaimer pertains only to the U.S. business for fiscal year ending April 30, 2025, which has since been deconsolidated from the group’s financial accounts effective May 1 this year.
“The consolidated financial statements of the continuing operations are unaffected and remain reliable,” DMPL said, adding that all investments and related assets in the U.S. business have been fully impaired, and that residual risks have been fully disclosed in compliance with financial reporting standards.
Despite the suspension in Manila, DMPL shares continue to trade on the Singapore Exchange, where the company is primarily listed. The SGX does not impose a similar suspension policy under such audit circumstances.
The PSE has not announced a date for the resumption of trading in DMPL shares.
