The Manuel Pangilinan-led infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) is sticking to its American Depository Receipts (ADR) program despite low take-up from the time it was launched last year.
Through Deutsche Bank, MPIC set up the level 1 ADR program in August last year to expand its presence among investors in the United States. Level 1 of ADR program is regarded as a noncapital raising activity.
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