outbrain
Close  

ICTSI gets P1.7B from share sale

/ 08:58 PM July 22, 2011

International Container Terminal Services Inc. (ICTSI) is selling treasury shares accumulated during the financial crisis in 2009 to raise fresh capital that can bankroll the group’s aggressive expansion locally and overseas.

In a disclosure Friday, the listed company said it approved the sale of about 31.24 million common shares held by subsidiary ICTSI Warehousing Inc. to an institutional investor for P55.45 each.

ADVERTISEMENT

The shares worth P1.7 billion were crossed on the same day it was announced. ICTSI said it expected to be paid by early next week. The company declined to disclose the identity of the buyer.

While the price at which the shares were sold seemed like a discount over ICTSI’s P58.30 close on Thursday, it was still a significant premium over the stock’s one-year low of P31 each.

FEATURED STORIES

“The proceeds of the sale will be used by the ICTSI group to fund its ongoing capital expenditure program and for general corporate purposes,” the company told the local bourse. “We are just monetizing our treasury shares,” said ICTSI treasurer Rafael Consing.

CLSA Ltd. acted as the transaction’s sole bookrunner and sale placing agent.

ICTSI is one of the world’s biggest port operators, with 23 different projects in 17 countries around the world. Last year, the company posted a net profit of $98.3 million, up 79 percent year-on-year due to the recovery in global trade coupled with the increase in revenues from new projects.

In 2011, ICTSI plans to nearly triple its capital spending to $356 million from $125 million in 2010, skewed mainly for the development of new facilities in Latin America.

In the Philippines, ICTSI operates the Manila International Container Terminal, the Bauan Terminal in Batangas, Makar Wharf in General Santos, Sasa Wharf in Davao, the New Container Terminal (NCT) 1 in Subic and the Mindanao Container Terminal in Misamis Oriental. Paolo G. Montecillo

ADVERTISEMENT
Subscribe to Inquirer Business Newsletter
Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, ICTSI, treasury shares
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.