MANILA, Philippines – Pangilinan-led diversified conglomerate Metro Pacific Investments Corp. (MPIC) is expanding its ownership base through shares that investors overseas can buy at a US stock exchange.
In a disclosure to the Philippine Stock Exchange on Monday, August 6, MPIC said it will launch its American Depository Receipts (ADR) program on 8:30 a.m. Monday morning, Eastern US time.
MPIC president and CEO Jose Ma. K. Lim said the ADRs are “in line with the company’s thrust to broaden its investor base by making its stock available to the widest possible audience.”
ADRs are denominated and pay dividends in US dollars and may be traded like regular shares of stock.
MPIC’s chief finance officer told Interaksyon that, depending on demand, the conglomerate may issue up to 100 million existing company shares, which are equivalent to over 4% of its outstanding capital stock.
The infrastructure-hospitals conglomerate joins sister firm Philippine Long Distance Telephone Co. (PLDT) and 28 other firms in the Philippines with traded ADRs among the 938 within the Emerging Asia region. – Rappler.com
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