ICTSI boosts coffers by raising US$97m from sale of treasury shares
MANILA's International Container Terminal Services, Inc (ICTSI), has successfully raised PHP4
16 December 2020 - 19:00
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, 2020, ICTSI sold 40 million treasury shares at a price of PHP117/share representing a 3.9 per cent discount to the closing share price on the same date.
Proceeds of the share sale will be used to fund general corporate purposes, including committed capital expenditures and acquisitions, the company statement said.
'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 CFO.
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