Business

Bullish: EKR buys P200M ICTSI shares

Bilyonaryo Ricky Razon has acquired roughly P200 million worth of shares in his family’s global port services business, International Container Terminal and Services Inc. (ICTSI).

Through wholly-owned subsidiary, IWI Container Terminal Services Inc., Razon purchased total of 1.964 million ICTSI shares from in several transactions from July 21 to July 27. Its purchase price ranged from P96.05 to P100 per share.

The purchases increased IWI’s stake in ICTSI by half to 5.97 million shares or .3 percent of the company from 4.006 million shares or .2 percent.

ICTSI recently signed a concession agreement to operate a multi-purpose terminal in the Port of Kribi in Cameroon, Central Africa after a year of negotiations. ICTSI lost the bidding for the terminal in 2015 but the winning bidder was dropped after failing to comply its commitments.

COL Financial said all eyes are on ICTSI’s greenfield ports in Australia, Congo, Papua New Guinea and Colombia to deliver an earnings boost for Razon in the next few years. These ports have a combined capacity of three million twenty-foot equivalent units (TEU) or ICTI’s total volume in 2019.

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