International Container Terminal Services Inc. (ICT) of ultra bilyonaryo Ricky Razon shifted its stock buyback to turbo mode as foreign investors dumped its shares amid soaring cargo costs.
ICT bought a total of three million shares worth P581 million from June 14 to 16. ICT into freefall after hitting P215.40 on June 6 with a total of P1.4 billion in net foreign selling especially in the last three days.
As ICT pierced the P200 level, the global box port operator initially bought 300,000 shares at a price range of P194.20 to P195.10 on June 14.
ICT bought another 1.756 million shares at a price range of P190 to P193.50 per share the following day.
On June 16, ICT bought one million more shares at a price range of P181.90 to P188.60
ICT has so far bought 58.717 million shares worth P5,944. billion at an average price of P102 per share since 2015. The Razon-chaired board has approved the buyback of up to 110 million shares.