Connect with us

Hi, what are you looking for?

Economy

ICTSI raises nearly P5B in share sale

LISTED port operator International Container Terminal Services Inc. (ICTSI) said on Thursday it had entered into a placement agreement for the sale of its 40 million treasury shares to raise funds for general corporate purposes.

Proceeds will also be used to fund the company’s committed capital expenditure, ICTSI said in a disclosure to the stock exchange.

“Last night, ICTSI entered into a placement agreement to sell 40 million treasury shares at a price of P117 per share, representing a 3.9% discount to yesterday’s close for a total gross proceeds of P4.68 billion,” it added.

The company said its offering was “well-received and multiple times oversubscribed” by “high-quality” foreign and local institutional investors.

The move comes after the company reduced its capital expenditure plan for 2020 to around $160 million due to the pandemic crisis.

The company said recently it had spent $128.6 million in the first nine months of the year, mainly for its expansion projects at Manila International Container Terminal in Manila, Philippines; Contecon Manzanillo S.A. in Manzanillo, Mexico; Contecon Guayaquil S.A. in Guayaquil, Ecuador; Basra Gateway Terminal in Umm Qsar, Iraq; and ICTSI DR Congo in Matadi, Democratic Republic of Congo.

ICTSI saw its third-quarter net income attributable to equity holders grow by 23% to $69.2 million, after it benefitted from cost preservation measures to mitigate the effects of the pandemic.

It reported a 7% improvement in its gross revenues for the third quarter to $379.3 million.

The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) grew 13% to $226.8 million.

ICTSI shares on Thursday closed 4.11% lower at P116.80 apiece. — Arjay L. Balinbin 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Global crude oil prices have surged in recent weeks, as more economies reopened and demand increased. — PHILIPPINE STAR/ MICHAEL VARCAS By Luz Wendy...

Economy

Philippine President Rodrigo R. Duterte and Chinese President Xi Jinping attend a signing ceremony held in Beijing, China, Oct. 20, 2016. — REUTERS/NG HAN...

Economy

The government has allowed cinemas to reopen with limited capacity after Metro Manila was placed under Alert Level 3. — PHILIPPINE STAR/ MICHAEL VARCAS...

Economy

By Keren Concepcion G. Valmonte, Reporter SHARE buyback programs enable listed companies to maximize key opportunities to secure better business prospects and stabilize shareholders’...

Economy

By Arjay L. Balinbin, Senior Reporter NLEX Corp., operator of North Luzon Expressway (NLEX) and Subic Clark Tarlac Expressway (SCTEX), expects higher traffic volume...

Economy

1 of 4 The all-new Nissan Almera boasts a sleek yet spacious design that’s vastly more compelling than the homely styling of its predecessor’s....

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

Pfizer Inc on Wednesday raised its 2021 sales forecast for its COVID-19 vaccine by 29% to $33.5 billion, and said it believes people will...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!