Philippine port operator sells secondary shares at 7.9% discount

Investors buy International Container Terminal's $142 million deal for the acquisition strategy, but a high valuation is seen as a deterrent to some.

International Container Terminal Services ICT has priced its fully marketed follow-on offering at a 7.9% discount to the latest market price for a total deal size of Ps6.85 billion $142 million.

According to sources there was a lot of interest in the stock among international investors, but many of them felt the Philippine company was trading at too rich a valuation after rising about 160% over the past year.

This was perhaps best evidenced by the fact that the...

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