MLP stock to move to NYSE
Maui Land and Pineapple Co. is trading exchanges.
The Kahului-based real estate and pineapple company will move to the New York Stock Exchange on or near April 2. Its shares currently trade on the American Stock Exchange.
"We are pleased to have qualified for listing on the NYSE and with the benefit to our shareholders from the Big Board's brand, market quality, operations and trading efficiencies," David C. Cole, chairman, president and CEO of MLP, said in a statement yesterday.
MLP spokeswoman Teri Freitas Gorman said the move also gives the company greater visibility and allows it to reach a broader range of investors.
The stock will continue to trade under current ticker MLP. The company has requested to ring the closing bell in June on Kamehameha Day in celebration of the move, as it enters its 100th year of operation in Hawaii.
MLP has 8 million shares outstanding, according to its latest annual filing with the Securities and Exchange Commission. As of February 12, there were 371 shareholders of record. Trading closed at $30.23 a share yesterday.
The American Stock Exchange handles trades for more than 900 companies. More than 2,800 member companies are listed on the New York Stock Exchange. MLP has been listed with on the AMEX since going public in 1969.
