Argentina’s Soc. Comercial del Plata SA plans to have its shares listed in New York after the holding company surged the most on the South America country’s benchmark stock index during the past year.
Buenos Aires-based SCP rallied as much as 14 percent to 3.3 pesos Thursday on speculation the company is planning to issue American depositary receipts in August. A company official who declined to be identified because the matter isn’t public confirmed plans to start trading shares in New York but said there was no set date.
The shares more than doubled in price during the past 12 months, the best performance on the Merval, the nation’s benchmark index. The company, which owns 30 percent of oil producer Cia. General de Combustibles, is also the cheapest on the index in terms of price-to-earnings ratio. Its revenue jumped 98 percent in the first quarter from a year earlier.
Energy assets account for 74 percent of its investments. Other holdings are in telecommunications and entertainment, according to its website. SCP President Ignacio Noel is scheduled to give a presentation at the Buenos Aires Stock Exchange at 6 p.m. local time.
SCP restructured 1.1 billion pesos ($119 million) of debt in January 2013 by offering to swap every 10 pesos of debt for one share with the same nominal value. The deal cut liabilities by 40 percent. The company defaulted on its bonds in 1999 and filed for protection in 2000.
Revenue jumped to 458.2 million pesos in the first quarter. Its price-to-earnings ratio of 1.53 compares with an average of
19.31 for companies on the Merval.