LISTED port operator International Container Terminal Services, Inc. (ICTSI) announced on Monday that it had successfully raised P4.7 billion from the sale of its 40 million treasury shares.

In an e-mailed statement, ICTSI said the offering was “oversubscribed” by “high-quality” foreign and local investors.

The company sold 40 million treasury shares at P117 per share representing a 3.9% discount to the closing share price on Nov. 25, ICTSI said.

The offering was the company’s first equity follow-on offering since 2013, according to ICTSI, adding that proceeds would be used to fund “general corporate purposes, including committed capital expenditures and acquisitions.”

Rafael D. Consing Jr., ICTSI senior vice-president and chief financial officer, said: “With $800 million raised in senior debt, hybrid equity, and common shares from both existing and new stakeholders, ICTSI enters 2021 focused on a five-year horizon through the same lens of achieving growth organically and through value-accretive acquisitions.”

ICTSI’s offering comes after the company reduced its capital expenditure plan for 2020 to around $160 million due to the pandemic crisis.

The company reported recently that it had spent $128.6 million as of September this year, mainly for its expansion projects at Manila International Container Terminal in Manila; 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 global health crisis.

ICTSI shares closed 1.21% higher at P125 apiece on Monday. — Arjay L. Balinbin