Philippine Stock Exchange Dismisses ICTSI Hong Kong Listing Rumors

Ramon Monzon, President and Chief Executive Officer of the Philippine Stock Exchange (PSE), has publicly dismissed rumors regarding International Container Terminal Services Inc. (ICTSI) potentially transferring its listing to the Hong Kong Stock Exchange. In comments made on Saturday, Monzon stated that he has not received any indications from ICTSI about such a move, labeling the speculation as mere rumor.

“I don’t respond to rumors,” Monzon told reporters, emphasizing that ICTSI Chairman and President Enrique Razon Jr. has not discussed any plans for an overseas listing with him. Monzon, who described Razon as a personal friend, noted, “He has not even asked me about this or talked to me about this.”

“I don’t respond to rumors.”Ramon Monzon, PSE President and CEO

Monzon highlighted ICTSI's strong performance on the local bourse, indicating that the company commands a premium valuation despite the Philippine market's overall lower valuation multiples. He remarked, “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.” Currently, ICTSI trades at a multiple of 29.6 times, suggesting that investors value the company appropriately within the local market context.

Referred to as “the superstar in our market” by Monzon, ICTSI is on the brink of becoming the first listed Philippine company to achieve a market capitalization of PHP 2 trillion (approximately USD 35.5 billion). Despite the rumors, Monzon reiterated his lack of awareness regarding any plans for an overseas listing by ICTSI.

“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.”Ramon Monzon, PSE President and CEO

In addition to addressing the rumors, Monzon announced recent changes to the PSE board of directors. Three new directors were elected following the completion of terms by outgoing members. Independent director Vicente Panlilio stepped down after fulfilling his maximum nine-year term, while regular director Wilson Sy resigned for health reasons. Edgardo Lacson also vacated his position after PSE Chairman Jose Pardo transitioned from an independent director to a regular director.

“The PSE is a technology company. All our trading platforms are IT-based.”Ramon Monzon, PSE President and CEO

The newly elected independent directors include Kang Jikyeong, President and Dean of the Asian Institute of Management, and Niek Johan van Veen, a Dutch information technology and artificial intelligence specialist. Randy Roxas, President of Philippine Equity Partners Inc., was elected as a regular director to replace Sy. Monzon expressed optimism about the new board members, stating that Kang’s international experience would enhance the exchange’s corporate governance and that van Veen would play a crucial role in guiding the PSE’s digital transformation and AI initiatives.

Monzon concluded by emphasizing the PSE's commitment to technological advancement, noting, “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.”