Port operator ICTSI raises P8.9B from share sale

Port operator International Container Terminal Services Inc. raised P8.19 billion through a top-up equity placement. UBS Philippines managing director Lauro Baja III said Tuesday the company priced its primary top-up  offering of 90 million shares at P91 apiece or a 9-percent discount to its closing price Tuesday.   The offered shares comprise 36.9 million treasury shares and 53.1 million shares held by ICTSI chairman Enrique Razon.   The deal was up-sized from $150 million on  strong demand. Baja said the issue was 2.5 times oversubscribed, attracting 77 investors. Asian investors accounted for 63 percent of the issue, US-based  buyers for 27 percent, and from Europe were 10 percent. UBS, along with CLSA, managed the share sale.   The port management company was among the first terminal operators to expand globally, establishing a track record in various economies privatizing port operations. Last month, it signed a 30-year concession contract for a terminal in Puerto Cortes, Honduras. — VS, GMA News