FIRST Pacific Co is a hopeful contender for a listing on the Hang Seng Index.
Of the 33 listed companies, Jardine Matheson and Jardine Strategic are pulling out and First Pacific Co wants to be considered.
Speaking at the annual general meeting, Derek Murphy, First Pacific's group vice-president, said: ''I believe that we have a good chance of being listed on the Hang Seng Index, if the Index decides to replace like companies with like.
''We are a conglomerate, with five businesses: First Pacific Bank; First Pacific-Davies; Pacific Link; and Pacific Telelink. We employ 5,000 people and we are responsible citizens with a good record of corporate disclosure. Importantly, we are committed to Hong Kong.'' First Pacific found it was losing potential investors as the company was unlisted and the liquidity of shares was limited, he said. If the company was to heighten its profile with shareholders, inclusion was necessary.
First Pacific announced that Standard Chartered Asia had been mandated to underwrite $100 million of floating debt issue and to retire the existing debt with a five-year tenure.
David Wong, group vice-president and corporate treasurer, said: ''If the floating debt is issued in June, its five-year tenure will mature in June 1999. This means the company can repay its liability when market conditions are more favourable, or when First Pacific is able to generate more funds.''
