ICTSI attempts to boost foreign ownership

Port operator International Container Terminal Services (ICTSI) has approved the creation of a class of voting and low par value preferred shares to boost foreign ownership, the Philippine Star reported.

ICTSI said the move is intended to address the problem of the ceiling on foreign shareholdings, restricting the active trading by foreign investors of ICTSI’s shares.

“The establishment of similar voting and low par value preferred shares has been used by other listed companies in the Philippine Stock Exchange to increase the effective participation of foreign investors in their listed common shares, without affecting the beneficial ownership and economic interest of their existing shareholders,” ICTSI said.
(Source:www.cargonewsasia.com)