Singapore's GIC in PHP3.4 Bn Deal with Century Pacific Food

        0659 GMT [Dow Jones] Singapore sovereign wealth fund GIC (GIC.YY) said Friday its private equity arm will offer a 3.4 billion Philippine peso (US$76 million) exchangeable loan agreement to the parent of soon-to-be listed food company Century Pacific Food Inc. (CNPF.PH). The agreement, with Century Canning Corp., is for one year and will give GIC the option to exchange its loan with shares in CNPF, which would equate to 11% of the company. The move "is a vote of confidence in the Philippine economy's strong long-term fundamentals as well as the value and management capability of both CCC and CNPF," GIC said. CNPF is expected to raise 3.2 billion pesos in gross proceeds from its Philippines initial public offering on May 6. (jake.watts@wsj.com; @jmwatts_)
        (END) Dow Jones Newswires

        May 02, 2014 02:59 ET (06:59 GMT)