3 million shares in 3 days: Ricky Razon cranks up stock buyback as ICTSI falls off a cliff
Business

3 million shares in 3 days: Ricky Razon cranks up stock buyback as ICTSI falls off a cliff

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.

 

Leave a Comment

5 + twenty =

This site uses Akismet to reduce spam. Learn how your comment data is processed.