ICTSI, San Miguel and Ayala courted for overseas cross-listings
A Philippine securities commissioner says exchanges in Hong Kong and Singapore have invited the companies to list, raising concerns about domestic trading.
Exchanges in Hong Kong and Singapore have approached International Container Terminal Services Inc. (ICTSI), San Miguel Corp. (SMC) and Ayala Corp. about overseas listings, according to Philippine Securities and Exchange Commission commissioner Rogelio Quevedo. The three companies already trade on the Philippine Stock Exchange (PSE).
Quevedo described the invitations as proposals for cross-listings, with companies trading outside their home markets as well as domestically. He said ASEAN exchanges were encouraging regional cross-listings and had invited him to discussions. ICTSI, SMC and Ayala belong to the PSEi, which comprises 30 heavily traded companies with large market capitalisations.
Quevedo expressed concern that investors might choose to trade in Hong Kong rather than the Philippines if companies were listed in both markets. He said he wanted to introduce reforms to revitalise the PSE.
Port operator ICTSI became the first domestically listed company to attain a market capitalisation of ₱2 trillion, closing at ₱2.01 trillion on July 14, 2026. Its market value subsequently hit a record ₱2.07 trillion on July 20, 2026, when its shares ended trading at a record ₱1,027.00 each. SMC operates across industries including food, beverages, energy and infrastructure, while Ayala's investments include property, banking, telecommunications and renewable energy.
