Pepsi-Cola Products Philippines was able to attract enough international investors to its initial public offering to guarantee the listing will go ahead, despite a 9.6% loss in the Philippine stockmarket last week.
Observers say the fact that the listing candidate, which is the exclusive licensed bottler of PepsiCo in the Philippines, is a play on domestic consumption may have saved the deal at a time when investors are fretting about a global fall-out from a potential US recession. Even if the local economy were to take a hit, soft-drinks are unlikely to be among the first things people have to cut back on - or so the argument...
¬ Haymarket Media Limited. All rights reserved.
