International Container Terminal Services Inc. said it is raising fresh funds through the sale of treasury shares to finance expansion and acquisition opportunities.
The country’s largest operator said in a disclosure to the Philippine Stock Exchange its board approved the sale of 10 million treasury shares worth P1.05 billion.
“The sale is in response to a reverse inquiry from an investor who expressed serious interest for a sizable ownership of the company,” ICTSI said.
ICTSI said the it might redeploy the proceeds in a number of its expansion and acquisition opportunities currently under review.
The sale of treasury share will increase the company’s public float level for common shares to 51.03 percent from 50.74 percent, while the public float level for common and preferred B shares rose from 37.70 percent to 37.96 percent.
ICTSI earlier reported a net profit of $103.6 million in the first half of the year, up 19 percent from last year’s $87.3 million.
Gross revenues from port operations in the first six months of 2017 increased 10 percent to 603.7 million from the $550.8 million reported in the same period in 2016.
ICTSI handled consolidated volume of 4,545,405 twenty-foot equivalent units in the first six months, up seven percent from 4,264,633 TEUs in the same period in 2016.
The company has allotted $240 million in capital expenditures for the full of 2017. The expenses will finance the completion of the initial stage development of the company’s greenfield projects in Democratic Republic of Congo and Iraq; the second stage development of a project in Australia; development of container terminals in Mexico and Honduras; and capacity expansion in its terminal operations in Manila.