International Container Terminal Services, Inc. (ICTSI) has successfully raised PHP4.7 billion (US$97 M) from the sale of 40 million common shares of the Corporation from its treasury.
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 25 November, 2020, ICTSI sold 40 million treasury shares at a price of PHP117/share representing a 3.9% 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.
“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 five-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 Chief Financial Officer.
