International Container Terminal Services, Inc. (ICTSI) has raised P4.7 billion ($97 million) from the sale of the company’s 40 million common shares from its treasury.
The offering, which was well-received and oversubscribed by high quality foreign and local institutional investors, marks ICTSI’s first equity follow-on offering since 2013.
On November 25, 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 would be used to 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 $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.
Headquartered and established in 1988 in Manila, ICTSI is in the business of port development, management and operations. ICTSI’s portfolio of terminals and projects are located in developed and emerging market economies in the Asia Pacific, the Americas, and Europe, the Middle East and Africa.
Independent with no shipping or consignee-related interests, the company works and transacts transparently with all stakeholders of the supply chain.
It continues to receive global acclaim for its public-private partnerships, which are focused on sustainable development, and supported by corporate social responsibility initiatives. (www.ictsi.com)