PH Dealbook: Splash to buy-back $2.26m shares, ICTSI sells 60% shares in NICTI

Visual from Splash Foods website

In two separate developments in the Philippines, a personal care products manufacturer has launched a buy-back shares program, while a port terminal operator has sold its controlling stake in a similar company in Japan.

Splash to buy-back $2.26m shares

Splash Corp, a manufacturer of personal care and health and wellness products in the Philippines, announced plans to buy-back up to $2.26 million (P100 million) worth of the company’s shares.

The company told the stock exchange that the buy-back program is meant to improve net asset value per share, or earnings per share.

A total of 55,550,000 shares will be repurchased at P1.80 apiece, which represents 8.87 per cent of the 626,491,166 outstanding shares.

The buy-back program is set to run for two years.

Splash’s last traded price remained at P1.78 per cent since yesterday.

ICTSI sells 60 per cent share in NICTI

The Razon-led International Container Terminal Services Inc. (ICTSI), sold on Monday night, its 60 per cent share in Japanese-based Naha International Container Terminal Inc (NICTI).

ICTSI reported its controlling stake of 90,000 shares of stocks, which make up 60 per cent of the outstanding capital stock of NICTI, was sold back to the latter as treasury shares.

The said shares amounted to $886,000 (JPY105.3 million) priced at JPY1,189 apiece.

ICTSI said a deed of sale of shares was consummated on Monday as it was no longer interested in participating in the upcoming renewal of the 10-year lease agreement of NICTI granted by Naha Port Authority over the terminal in Naha International Container Terminal (NICT), which will expire at year end.

ICTSI’s last traded price went down by 0.18 per cent or P0.200 to close at P111.20 on Tuesday.

Related stories:

ICTSI signs JV for new inland container terminal in PH

PH geothermal firm EDC raises $192m debt, plans $90.5m share buy-back

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.