ICTSI issues 700M Preferred B shares to Achillion Holdings

Listed International Container Terminal Services Inc. (ICTSI) has issued 700 million preferred B shares to Achillion Holdings Inc., valued a P0.01 per share, the company owned by businessman Enrique Razon Jr. said in a disclosure Tuesday. “The creation and issuance of this class of voting and low par value Preferred shares is intended to address the problem of the ceiling on foreign shareholdings restricting the active trading by foreign investors of ICTSI’s listed shares… without adversely affecting the beneficial ownership and economic interest of ICTSI’s existing shareholders," the company told the Philippine Stock Exchange. Achillion Holdings is also owned by Razon. ICTSI earlier reclassified 1 billion preferred shares into 993 million Preferred A shares valued at P1 each and 700 million B shares 1 centavo apiece. The preferred B shares issued to Achillion will have a dividend yield not exceeding 10 percent of its par value and will be issued only to Filipino investors. “ICTSI shall have the right to designate to a qualified Filipino national to acquire the Preferred B shares if Achillion wishes to transfer said shares," the company said. Despite the difference in values, each preferred share will have the same voting power. — VS, GMANews.TV