MANILA, Philippines - Ports operator International Container Terminal Services Inc. (ICTSI) on Wednesday said it approved the establishment of medium-term note program for its unit ICTSI Treasury B.V.

In a disclosure to the stock exchange, ICTSI said the amount of the notes issued by ICTSI Treasury will not at any time exceed $750 million or its equivalent in other currencies.

ICTSI said its board also ratified the issuance of the first tranche of medium-term notes, although the size has yet to be determined.

The Enrique Razon-led port operator will guarantee the bonds.