ICTSI to buy back shares

International Container Terminal Services Inc. (ICTSI) is buying back up to 880 million worth of its common stock from the public to take advantage of the recent weakness of the equities market. In a disclosure to the Philippine Stock Exchange, the firm said its board of directors has approved and authorized the re-purchase from the open market of up to 10-million ICTSI shares. “The purpose of the above authorization is to provide management the flexibility to acquire shares from the open market either for its executive share incentive program or as and when management deems the price of the shares to be undervalued,” ICTSI said. ICTSI, through its offshore unit Royal Capital B.V., has recently raised US$450 million after successfully pricing its senior perpetual capital securities. This is its second successful senior perpetual capital securities issuance, after the US$300-million issue which was priced on January 22, 2015. ICTSI said it intends to use proceeds from the offer of New Perpetual Securities for refinancing and general working capital purposes, including to fund capital expenditures. (JAL)