Securities and Exchange Commission Sec Form 11-C Current Report Under Section 11 of the Revised Securities Act (RSA) And Rsa Rule 11(a)-1(b)(3) Thereunder

September 9, 1999 PSE CIRCULAR FOR BROKERS NO. 2246-99 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-l(b)(3) THEREUNDER 1. Date of this Report: 8 September 1999 2. SEC Identification Number: 147212 3. BIR Tax Identification Code: 000-323-228 4. Registrant: International Container Terminal Services,Inc. 5. Country of Incorporation: Philippines 6. Industry Classification: 7. Address of Principal Office: ICTSI Administration Building, Manila International Container Terminal, MICT South Access Road, Manila 8. Registrant's Telephone Numbers: 245 4101 9. Securities registered pursuant to Sections 4 and 8 of RSA: Title of Class Number of Shares of Outstanding Common Shares 2,324,734,919 (Reported by the stock transfer agent as of 30 June 1999) 10. Item Number reported: Item 9 - Other Events ICTSI International Holdings Corp. (IIHC) has finalized negotiations and recently signed an agreement with Deutsche Bank AG for a USD120 million credit facility. The funds will be used by IIHC primarily to acquire new port concessions. Initial drawdown can be made in two weeks. IIHC holds the beneficial interests of International Container Terminal Services, Inc. in its overseas operations. LibLex Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized. INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. By: (SGD.) ROBERTO B JAYME Senior Vice President and Chief Finance Officer PRESS RELEASE 8 September 1999 IIHC gets US$120M credit facility ICTSI International Holdings Corp. (IIHC) has finalized negotiations and recently signed an agreement with Deutsche Bank AG for a USD 120 million (PhP4.5 billion) credit facility. The funds will be used by IIHC primarily to acquire new port concessions. Initial drawdown can be made in two weeks. cdlex IIHC is actively looking into expanding its portfolio of managed ports, particularly in Asia, the Americas and the Middle East. The company currently holds six concessions: two in Argentina, two in Mexico, one in Pakistan, and another in Saudi Arabia. Established in 1994, IIHC holds the beneficial interests of International Container Terminal Services, Inc. (ICTSI) in its overseas operations. Last year, IIHC handled a total groupwide volume of 1,014,363 TEUs, or 58 per cent of ICTSI's total volume of 1,750,058 TEUs. This year, IIHC's managed ports are expected to handle an aggregate volume of 1,278,000 TEUs, up 25 per cent over 1998. Last year, IIHC generated revenues of USD89.5 million, or 58 per cent of ICTSI's total revenues. In an effort to beef up financial capability for expansion, 29 per cent of IIHC was sold for USD70 million last June to two institutional investors, Capital International Global Emerging Markets Private Equity Fund LP and JP Morgan International Capital Corp.