ICTSI, SMC, Ayala wooed to list abroad – SEC exec
Top Philippine companies and index heavyweights International Container Terminal Services Inc., San Miguel Corp. and Ayala Corp. have caught the eye of various exchanges to list offshore, according to Securities and Exchange Commission commissioner Rogelio Quevedo.
Manila, Philippines – The Securities and Exchange Commission (SEC) commissioner, Rogelio Quevedo, has revealed that major Philippine companies, including ICTSI, San Miguel Corp. (SMC), and Ayala Corp., have attracted interest from international exchanges for offshore listing. Quevedo stated that these companies are being approached by ASEAN stock exchanges to list in their respective bourses, as part of efforts to encourage cross-regional listings.
Quevedo expressed concern over the potential impact on the Philippine Stock Exchange (PSE), as investors might prefer to engage with listed companies on foreign exchanges. The companies are all members of the PSEi, the main index composed of highly traded and capital-intensive firms on the exchange. ICTSI, one of the world's leading port operators, recently reached a market capitalization of P2 trillion, marking a significant milestone.
SMC, a diversified conglomerate with interests in various sectors, and Ayala, with investments in real estate, banking, telecommunications, renewable energy, and other ventures, are also part of this strategic move towards international listings.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
