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Friday, March 29, 2024

ICTSI sells P4.68b in treasury shares

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International Container Terminal Services Inc. said Thursday it raised P4.68 billion from the sale of treasury shares to partly finance capital expenditures. 

The port operator led by businessman Enrique Razon signed a placement agreement to sell 40 million treasury shares at P117 apiece. The shares were crossed in the Philippine Stock Exchange Thursday morning. 

“Proceeds will be used for general corporate purposes including funding committed capital expenditures,” it said.

ICTSI said the offering was well received and multiple-times oversubscribed by high-quality foreign and local institutional investors.

“Proceeds will be used for general corporate purposes including funding committed capital expenditures,” the company said.

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