The Manuel V. Pangilinan group’s toll road investment arm will likely delist its shares from the Philippine Stock Exchange in light of the standing rule for public firms to maintain a float of at least 10 percent.
Metro Pacific Tollways Corp. (MPTC) president and CEO Ramon Fernandez said the company might opt to leave the local bourse. He said MPTC was making enough money to cover its own requirements for expansion.
“There is no urgent need to raise funds by selling equity. Our projects are not yet a strain on our current resources,” he said.
MPTC shares, which are traded using the symbol “TOL,” last traded at P8. It has a public float of only 0.2 percent, way below the 10 percent requirement of the PSE.
Fernandez said if the need to raise funds through a share sale should arise, this could be done through MPTC parent Metro Pacific Investments Corp.
MPIC shares reached a year-high of P4.22 per share last week, in line with the performance of the main index, which breached the 5,100 mark this month.
For this year, Fernandez said MPTC’s internally generated funds would be enough to bankroll existing projects.