With some corporate schedules starting to wind down, the Philippine Stock Exchange is preparing a special celebration for one of the biggest milestones in its history.
We’re talking about tycoon Enrique Razon Jr.’s massive achievement in steering International Container Terminal Services Inc. (ICTSI) to become the first domestic company to breach the P2-trillion market-capitalization mark.
ICTSI is now the most valuable domestic stock on the PSE Index and the third-most valuable company on the exchange overall, after global insurance giants Manulife Financial Corp. and Sun Life Financial Inc.
The PSE is bringing together top market participants, corporate executives and fellow tycoons for the celebration, with credit also due to ICTSI’s management team, including former executive vice president and global corporate head Christian R. Gonzalez.
ICTSI, the world’s largest independent container terminal operator, oversees a global ports empire spanning six continents—not bad for a homegrown port operator that started in the late 1980s after winning the concession to take over and develop the Manila International Container Terminal.
Over the past few weeks, ICTSI has seen its share price pull back from record highs, though it still commands a massive P1.86-trillion valuation.
Some owners might be happy to lock in gains after a stock’s powerful run, but Razon, the Philippines’ richest man, still sees plenty of value left on the table.
As ICTSI shares slipped 4 percent on Thursday, the company was busy buying back its own stock.
ICTSI repurchased 400,000 shares worth P354.4 million on Aug. 27 at an average price of about P886 apiece.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
