International Terminal Containers Inc. (ICTSI), LISTED Port Operator, said Thursday it signed an agreement to sell its treasury stock of 40 million to collect funds for general corporate purposes. The agreement was signed by ICTSI.
In an inventory on the stock market, ICTSI said the proceeds will also be used to fund the capital spending of the company under pledge.
“Last night ICTSI signed a placing deal to sell 40 million P117 shares per share for a total turnover of P4,68 billion,” he said. “Every day, ICTSI decided to sell 40 million shares in the treasury.
The firm said that “high quality” international and local institutional buyers “well received and oversubscribed its goods several times.”
The move follows a decrease of the company to about $160 million due to the pandemic crisis in its capital expending strategy for 2020.
Recently, Contecon Manzanillo S.A has invested $128.6 million for its expansion projects in Manila, Manila International Container Port, in the Philippines in the first nine months of the year. Contecon Guayaquil S.A. in Manzanillo, Mexico. Gateway Terminal in Umm Qsar, Iraq and ICTSI, Democratic Republic of Congo, in Guayaquil, Ecuador.
Since benefitting from expense conservation initiatives to offset the burden of the pandemic, ICTSI saw its third quarter of net profits credited to holders of shares rose by 23% to 69,2 million dollars.
In its third quarter, it posted 7% increases to $379.3 million in gross sales.
EBITDA (earnings before debt, taxation, depletion and depreciation) of the company rose to $226.8 million by 13 percent.