PHILIPPINE Stock Exchange (PSE) President and Chief Executive Officer Ramon Monzon on Saturday said the exchange has not received any indication from International Container Terminal Services Inc. (ICTSI) that it plans to transfer its listing to Hong Kong, dismissing market speculation as mere rumor.
“I don’t respond to rumors,” Monzon told reporters.
He said ICTSI Chairman and President Enrique Razon Jr. had not discussed any such plan with him.
“Mr. Razon is a friend of mine... and he has not even asked me about this or talked to me about this,” Monzon said. “So it’s very hard for me to address something that’s speculative and a rumor.”
Instead, Monzon said ICTSI continues to command a premium valuation on the local bourse, suggesting that investors already recognize the strength of the company’s global business despite the Philippine market trading at lower valuation multiples.
“What that tells me is that the local market or the local investors, or even foreign investors trading the local market, recognize the potential of ICTSI’s international business,” he said. “For ICTSI to trade at 29.6 times, I think it’s a clear indication that they’re being valued appropriately, even in our local market.”
Monzon described ICTSI as “the superstar in our market” and said he has been watching the company’s share price as it close to becoming the first listed Philippine company to reach a market capitalization of P2 trillion.
He maintained, however, that he was unaware of any plan by ICTSI to seek an overseas listing.
PSE board revamp
PSE shareholders elected three new directors to its board following changes in its composition.
Independent director Vicente Panlilio stepped down after completing his maximum nine-year term, while regular director Wilson Sy resigned for health reasons.
Edgardo Lacson left the board after PSE Chairman Jose Pardo transitioned from an independent director to a regular director representing other market participants, which created a vacancy in the independent director category.
Elected as independent directors were Kang Jikyeong, president and dean of the Asian Institute of Management; and Dutch information technology and artificial intelligence (AI) specialist Niek Johan van Veen.
Randy Roxas, president of Philippine Equity Partners Inc., was elected regular director to replace Sy.
Monzon said Kang’s international experience would strengthen the exchange’s corporate governance, while van Veen was tapped to help guide the PSE’s digital transformation and AI initiatives.
“The PSE is a technology company. All our trading platforms are IT-based. We’re embarking on our AI transition... so we really sought out a director who could guide PSE in its IT and AI journey,” he said.