Trilyonaryo Enrique Razon Jr. is getting an even bigger piece of the Philippines’ most valuable listed company.

Razon exercised 22.01 million stock options in International Container Terminal Services Inc., paying about ₱3.02 billion for additional shares in the port giant whose market capitalization has climbed to ₱2 trillion.

The Aug. 11 transaction gave Razon 22,014,925 Preferred C shares at ₱137 apiece under ICTSI’s Chief Executive Officer Stock Option Plan. For perspective, ICTSI common shares closed at ₱996 that day, more than seven times the option exercise price.

The exercise raised his beneficial ownership to 62.09% of ICTSI’s total outstanding capital stock.

The shares were not purchased on the open market. They were acquired through the executive stock option plan, which gave Razon the right to subscribe to the preferred shares at the exercise price.

The newly acquired Preferred C shares represent 0.80% of ICTSI’s outstanding capital stock and about 88% of the company’s authorized Preferred C shares, according to the filing.

Because the Preferred C shares are non-voting, the transaction increased Razon’s economic interest in ICTSI without giving him a corresponding increase in voting power.

His beneficial ownership of voting shares stood at 61.87% after the transaction.

The option exercise came after ICTSI restructured its authorized capital stock.

The company canceled 964.2 million unused Preferred A shares and created 25 million Preferred C shares, while reducing its total authorized capital stock from about 5.92 billion shares to 4.96 billion shares.

Razon subscribed to most of the newly created Preferred C class.

The transaction gives Razon an even larger economic interest in ICTSI, which has grown into the Philippine stock market’s first roughly ₱2-trillion company.