EKR approves share buyback plan for ICTSI
Global ports operator International Container Terminal Services Inc. has approved a share buy-back program, reflecting its continued commitment to enhance shareholder value.
Under the plan, the company shall repurchase from the open market up to 20 million more ICTSI shares in addition to the number of shares approved and ratified by the board of directors last Sept. 16.
ICTSI said the buy-back program ” provides 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.”
Owned by Bilyonaryo Enrique K. Razon , ICTSi posted a net income of $141.9 million in the first nine months of the year, up four percent from the year ago level on improved volume.
ICTSI manages container terminals in the 50,000 to 2.5 million TEU/year range.