Listed port operator International Container Terminal Services, Inc. (ICTSI) has increased its stake in a South American port operator, the company said in a disclosure yesterday.
The share purchase marked the first move under the Enrique K. Razon, Jr.-led company’s $600-million overseas expansion program for the next two years.?“On August 18, ICTSI purchased, through its Uruguayan subsidiary, International Ports of South America and Logistics, S.A., an amount of shares equivalent to 10% of the share capital of Tecplata S.A.,” ICTSI said.?“As a result of such acquisition, [International Ports] is now the owner of 58.157 million registered non-endorsable common shares of $1 par value each,” the company added.?The shares held by ICTSI are equivalent to 85% of the capital stock of Tecplata.
The share purchase marked the first move under the Enrique K. Razon, Jr.-led company’s $600-million overseas expansion program for the next two years.?“On August 18, ICTSI purchased, through its Uruguayan subsidiary, International Ports of South America and Logistics, S.A., an amount of shares equivalent to 10% of the share capital of Tecplata S.A.,” ICTSI said.?“As a result of such acquisition, [International Ports] is now the owner of 58.157 million registered non-endorsable common shares of $1 par value each,” the company added.?The shares held by ICTSI are equivalent to 85% of the capital stock of Tecplata.