Share sale raises almost USD 100 million
For the first time since 2013, the Manila-headquartered International Container Terminal Services, Inc. (ICTSI) has raised money by the equity offering of shares. The group achieved an output of PHP 4.7 billion (USD 97 million) from the sale of 40 million common shares of the corporation from its treasury.
The offering, which was oversubscribed by foreign and local institutional investors, marked a sale of treasury shares at a price of PHP 117/share, representing a 3.9% discount to the closing share price on 25 November. The group said that the funds will also be used to service obligations and finance acquisitions.
Rafael D. Consing Jr., ICTSI senior vice president and CFO, commented that this was a step in the “execution of the capital management strategy that we conveyed to investors in early April. With USD 800 million raised in senior debt, hybrid equity, and common shares from both existing and new stakeholders, ICTSI enters 2021 focused on a five-year horizon through the same lens of achieving growth organically and through value-accretive acquisitions.” (cd)