SHARES in Razon-led ICTSI moved upward last week as investors assessed the port operator’s financial performance as well as its subsidiary’s agreement to buy ownership interest and subscription rights in a terminal operator.
SHARES in Razon-led International Container Terminal Services, Inc. moved upward last week as investors assessed the port operator’s financial performance as well as its subsidiary’s agreement to buy ownership interest and subscription rights in a terminal operator.in value turnover with P383.72 million worth of 1.92 million shares exchanging hands from Dec. 27 to 29.
“ICT has been moving in a generally upward bias the past few weeks as many investors are betting heavily on the company to outperform for 2023,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said, referring to ICTSI’s ticker symbol. Mr. Tantiangco highlighted worries about a lingering global economic slowdown, risks of global recession due to rising interest rates, and the adverse effects of Russia’s prolonged war on Ukraine and China’s coronavirus disease 2019 situation.
IWI Container Terminal is acquiring 2.05 million BIPI shares held by Marubeni representing a 20% stake for around P507.41 million. Mr. Tantiangco said the move to acquire an additional 20% stake through its subsidiary wasn’t given much attention by investors as the focus was more on the global economic prospects for 2023.
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