Aboitiz Power, Metro Pacific out of PSEi

Aboitiz Power's share buyback program brings its public float to below 20%, the level required to stay in the Philippine Stock Exchange index

MANILA, Philippines – The Philippine Stock Exchange index will be revamped, with Aboitiz Power Corporation and Metro Pacific Investments Corporation being removed from the local stock barometer.

Aboitiz Power’s exclusion from the PSEi comes after the company purchased 11.4 million of its own shares as part of its buyback program. These purchases brought the company’s public float to below 20%, the level required to stay in the PSEi. Aboitiz Power said the buyback program was initiated because the current share price range does not reflect the company’s intrinsic value and future business prospects.

“Aboitiz Power’s current public ownership levels far exceed the 10% minimum public ownership level required for it to remain listed in the Philippine Stock Exchange. Even with this stock buyback program, there is no intention to delist from the PSE, but merely to reward our existing shareholders with a larger share of a brighter future,” the company said.

Meanwhile, MPIC’s public float dropped to 2.78%, following its delisting and high acceptance rate of its P28.4-billion tender offer. MPIC is set toHolding: MPI outEffectivity date: September 26, 2023

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