Yes you must
A) impost the SHAPE file
B) in the dialog box you MUST have it also create the OBJECT data
then you Save and close the file you just imposrted that SHP file into.
then you open a new file
attach the file you just saved above as a source
you then QUERY in the data
using the ALTER properties operation to add TEXT based on the Object data table you created during the shape file import operation above.
then you will have point objects, and text
or you perform the same query in a REPORT mode and export the X,Y and the object data value to a TXT file that you then import as a point file.
Being sure to pass that file through Excel to scrub the NON ascii code from the file that MAP writes to what should be an ascii text file but isn't; and do a save as to either CSV or TXT to to bring in the point data as point (cogo) data.
And have a nice day!