ICTSI operates Terminal 6 at the Port of Portland and is expanding internationally.
International Container Terminal Services Inc. (ICTSI) is selling treasury shares accumulated during the financial crisis in 2009 to raise fresh capital that can bankroll the group’s aggressive expansion locally and overseas.
In a disclosure Friday, the listed company said it approved the sale of about 31.24 million common shares held by subsidiary ICTSI Warehousing Inc. to an institutional investor for P55.45 each.
“The proceeds of the sale will be used by the ICTSI group to fund its ongoing capital expenditure program and for general corporate purposes,” the company told the local bourse. “We are just monetizing our treasury shares,” said ICTSI treasurer Rafael Consing.