NextGen Day

Instability in the domestic market is not reflected in Metro Pacific Investments Corp.’s (MPIC) proposal to leave the Philippine Stock Exchange (PSE), according to Bernhard Aloysius Tsai, first vice president and chief operating officer of BDO Securities Corp.

Tsai claimed in an interview that the market is not being impacted by the news of the conglomerate’s intention to go private because the local stock exchange opened flat on Thursday.

A few hours before the market closed, the PSE index (PSEi) was up 43.44 points to 6,583.68.

Any possible adverse effects “will probably be transient,” he said.

The MPIC informed the PSE that the company’s voluntary delisting had received unanimous board approval.

JOIN, a Japanese state-owned company that invests in infrastructure, Metro Pacific Holdings, GT Capital Holdings, and MIG Holdings, a business owned by MPIC chair Manny V. Pangilinan, were part of a consortium that made an offer to shareholders to purchase their shares for PHP4.63 each.

“The typical scenario is that the market can be losing money. In this instance, though, word of the delisting has already spread throughout the market as of the beginning of 2023. Consequently, this potential has already been factored into the market as a whole, Tsai explained in an email to the Philippine News Agency.

Additionally, according to Boom Bondoc, vice president of BDO Securities and head of retail sales, the company is delisting not due to subpar performance.

“The delisting didn’t occur because something went wrong or because they were having earnings issues; that is not the case. If you view the market’s options from a retail investor’s perspective, you will notice that earnings are rising. Simply put, the company was having trouble with value rather than performance, according to Bondoc.

According to BDO Securities, the PSEi will conclude 2023 at a level of 7,500 as the inflation rate declines and interest rates remain stable.

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