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Manila Bulletin devider Business devider ICTSI raises P4.7 B from treasury shares sale

ICTSI raises P4.7 B from treasury shares sale

Published Dec 14, 2020 12:45 pm

International Container Terminal Services, Inc. (ICTSI) raised P4.7 billion (US$97 million) from the sale of its treasury's 40 million common shares.

The offering, which was well-received and oversubscribed by high quality foreign and local institutional investors, marked ICTSI’s first equity follow-on offering since 2013.

ICTSI’s terminal in Guayas, Ecuador, one of 32 terminals worldwide.

On November 25, 2020, ICTSI sold 40 million treasury shares at a price of P117/share representing a 3.9 percent discount to the closing share price on the same date.

Proceeds of the share sale will fund general corporate purposes, including committed capital expenditures and acquisitions.

“This opportunistic reissuance of our treasury shares culminates the execution of the capital management strategy that we conveyed to investors in early April. With US$800 million raised in senior debt, hybrid equity, and common shares from both existing and new stakeholders, ICTSI enters 2021 focused on a 5-year horizon through the same lens of achieving growth organically and through value-accretive acquisitions,” noted Rafael D. Consing Jr., ICTSI Senior Vice President and Chief Financial Officer.

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ICTSI ICTSI TREASURY SHARES SALE
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