ICTSI raises P4.7B

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    ICTSI’s terminal in Guayas, Ecuador, one of 32 terminals worldwide.

    International Container Terminal Services Inc. (ICTSI) has successfully raised P4.7 billion from a recently-announced treasury shares sale.

    ICTSI said the fund raising was “well-received and oversubscribed by high quality foreign and local institutional investors” and marks ICTSI’s first equity follow-on offering since 2013.

    Last November 25, ICTSI sold sell 40 million treasury shares at price of P117 apiece, representing a 3.9 percent 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,” said Rafael Consing Jr., ICTSI chief financial officer.

    Also in November, ICTSI said it has signed with Tradelens, a blockchain platform jointly developed by IBM and Maersk, to connect its 31 terminals in 19 countries, that will allow all terminals permissioned access to accurate information on cargo movements well in advance of vessel arrivals.