International Container Terminal Services Inc, a port operator based in the Philippines, announced that it was seeking to raise US$200 million through a secondary stock offering. The price of the offer was at a 9% discount to its last price from close of trading.
The company is offering up to 90 million shares priced at Php 91 per share totalling Php8.19 billion or US$200 million. The share prices for ICTSI closed at Php99.95 pesos per share Tuesday at the Philippine Stock Exchange.
In documents filed with securities regulators, ICTSI said that the offer consists of 36.9 million treasury shares held by the firm while another 53.1 million shares were held by its chairman, Enrique Razon.
The company hired CLSA and UBS as placement agents for the transaction. The share offering would be utilized for general corporate purposes and capital expenditures according to a term sheet read by Reuters last week.
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