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International Container Terminal Services Inc. said Monday it raised P4.7 billion from the sale of treasury shares to partially fund capital expenditures. The port terminal operator led by businessman Enrique Razón said it sold 40 million treasury shares at P117 each, representing a 3.9 percent discount on the closing price of the share. The offer, which was well received and oversubscribed by high-quality local and foreign institutional investors, marked ICTSI’s first continuation offering of shares since 2013. It said proceeds from the sale of shares would be used to fund general corporate purposes. , including committed ones. capital expenditures and acquisitions. “This opportunistic reissuance of our treasury shares culminates the execution of the capital management strategy that we transmitted to investors in early April,” said ICTSI Senior Vice President and CFO Rafael Consing Jr. “With $ 800 million raised in senior debt, hybrid equity and common stock of existing and new stakeholders, ICTSI enters 2021 focused on a five-year horizon through the same lens of achieving growth organically and through value-added acquisitions, ”he said. ICTSI previously unveiled a $ 160 million capital investment plan, which would be used primarily to complete expansion projects. The company reported a net income of $ 182.6 million in the first nine months, 1 percent less than the $ 184.9 million for the same period last year. Gross income from port operations in the nine-month period reached $ 1,104 thousand mi million, almost unchanged from $ 1,107 billion in the same period in 2019 due to generally lower commercial activities globally, mainly as a result of lockdown restrictions imposed by most governments to try to address the rising rate of COVID-19 virus infection. ICTSI handled a consolidated volume of 7,426,307 twenty foot equivalent units in the first nine months, or 2 percent less than the 7,590,090 TEU it handled in the same period in 2019.
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