Manila: Terminal operator International Container Terminal Services Inc (ICTSI) is buying shares held by minority shareholders of subsidiary Royal Capital for $350m “as part of its strategy to manage the maturity profile of its existing debt obligations.”
“The tender offer is conditional upon the pricing of the new securities to be issued under the new securities offer and the signing of a subscription agreement among the issues, the company and the managers appointed for the new securities offer,” the port operator said in a release yesterday to the local exchange in Manila.
The tender offer will expire on January 21.
ICTSI is the largest port operator in the Philippines and has a portfolio of 29 container-terminal operations in 21 countries across six continents. [13/01/15]
