US firm buys ICTSI stake for P11.6B
By Paolo G. MontecilloPhilippine Daily Inquirer
One of the world’s largest private investment firms has bought a substantial stake in Manila-based International Container Terminal Services Inc. (ICTSI), which is currently expanding its portfolio of projects around the globe.
In a disclosure on Wednesday, ICTSI said the United States-based Capital Group Companies Inc. acquired 169.34 million shares in the port developer. This represents an 8.7-percent stake in the company led by Enrique Y. Razon Jr.
“The above mentioned shares were purchased and are held solely for investment purposes in the ordinary course of business and not with the purpose or effect of changing or influencing control,” ICTSI said in a disclosure.
ICTSI’s shares fell 1.3 percent to P68.50 each on Wednesday following the announcement. At this price, the block of shares would be worth P11.6 billion.
Based in Los Angeles, Capital Group Companies is one of the largest investment firms, controlling over $1 trillion in assets.
The company has investments in North America, Europe, Asia and Australia, employing 7,000 workers in 23 offices around the world.
Last August, ICTSI reported a 17-percent rise in first-half profits totaling $70.3 million. Revenue from port operations totaled $345.0 million, 8 percent higher than the $319.1 million reported last year.
ICTSI handled a total of 2.7 million twenty-foot equivalent units (TEUs) in the first half of 2012, 9 percent more than the 2.5 million handled in the same period in 2011.
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Tags: acquisition , Business , Capital Group Companies , International Container Terminal Services , Philippines , US
