A confidential source says the Philippine National Construction Corporation has explored leaving the Philippine Stock Exchange, but questions remain over whether the company can be fairly valued before minority shareholders are asked to exit.
A forensic review of its audited financial statements reveals a company far more complex than the market has assumed—one sitting on a P51.8-billion Pasay property, continuing to receive tollway-related revenues, and entangled in decades-old legal and accounting disputes that could ultimately determine what the company is truly worth.
Something unusual is unfolding behind closed doors involving the Philippine National Construction Corporation (PNCC), a company many investors have long dismissed as a relic of the country’s toll-road past.
According to a highly credible source with direct knowledge of the discussions, PNCC has been exploring the possibility of voluntarily delisting from the Philippine Stock Exchange (PSE). Those discussions, however, have yet to gain traction. While no official explanation has been offered publicly, my source suggested that concerns remain over whether the company’s intrinsic value has been adequately established before minority shareholders are asked to exit.
