International Container Terminal Services, Inc. (ICTSI) has earned P4.7 billion (US$97 million) from the selling of 40 million common shares in its treasury.
The bid, well accepted and oversubscribed by high-quality international and local institutional investors, represented ICTSI’s first equity follow-up since 2013.
On 25 November 2020, ICTSI issued 40 million treasury securities at the price of P117/share, marking a 3.9 per cent discount on the closing share price on the same day.
Shareholder purchase revenues would finance general business purposes, including dedicated capital spending and acquisitions.
“This opportunistic re-execution of our treasury securities culminates in the adoption of the capital management plan that we forwarded to investors in early April. With US$800 million raised in senior loans, convertible equity and common stock from both current and new stakeholders, ICTSI enters 2021 based on a 5-year horizon with the same goal of generating success both organically and by value-added acquisitions,” said Rafael D. Consing Jr., ICTSI Senior Vice President and Chief Financial Officer.