LISTED port operator International Container Terminal Services, Inc. (ICTSI) on Tuesday said its subsidiary signed an agreement to buy the ownership interest and subscription rights of Japan-based Marubeni Corp. in Bauan International Port, Inc.
In a disclosure to the stock exchange, ICTSI said its unit IWI Container Terminal Holdings, Inc. (IWICTHI) signed the share purchase agreement for Marubeni’s 20% stake in the Bauan port on Dec. 23.
IWICTHI is buying the 2.05 million shares for around P507.41 million.
Bauan International Port is the operator of the Bauan terminal, which supports cargo movements in and out of the Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) region.
ICTSI is involved in 34 terminal concessions and port development projects in 20 countries. In the Philippines, it operates nine terminals, which include an inland container terminal, a barge terminal, and combined terminal operations in Subic.
Established in 1987, ICTSI operates, manages and develops the Manila International Container Terminal, which handles international container cargo at the Manila port.
At the local bourse on Tuesday, shares in ICTSI declined by P4 or 1.96% to close at P200 each. — Ashley Erika O. Jose
