ASEAN KEY DESTINATIONS
ICTSI gains P1.051 billion from treasury share sale
Razon-led Internatonal Container Terminal Services Inc. (ICTSI) has raised more than P1 billion from its treasury share sale intended to finance the company's expansion and acquisition plans.
In separate filings on the local stock exchange, ICTSI said it sold a total of 10 million treasury common shares on September 8, 2017, priced at P105.10 apiece.
With this, the company generated P1.051 billion which will be used to bankroll the company's expansion plans moving forward.
"The company may redeploy the proceeds in a number of its expansion and acquisition opportunities under review," it said.
According to ICTSI, the sale was "in response to a reverse inquiry from an investor who expressed serious interest for a sizable ownership of the company."
Following the transaction, the company's public float level for common shares grew to 51.03 percent on September 8 from the 50.74 percent on June 30.
The public float level for common and preferred B shares likewise increased to 37.96 percent on September 8 from the 37.70 percent on June 30.
ICTSI chairman and president Enrique K. Razon Jr. also sold some P3.8-billion worth of his shares in Bloomberry Resorts Corp.
Razon currently sits as chairman of Bloomberry, which in turn operates Solaire Resort & Casino, the first development in Entertainment City in Parañaque.
Share prices of ICTSI opened Wednesday at P108.00 per share, up by 0.19 percent or P0.2 from the P106.90 per share on Monday.
There was no trading on the Philippine Stock Exchange on Tuesday due to the stormy weather conditions in the country. —Jon Viktor Cabuenas/KG, GMA News
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