Philippine-based International Container Terminal Services Inc. (ICTSI) said it would not renew its lease agreement with Naha Port Authority for Naha International Container Terminal (NICT).
The 10 year NICTI lease agreement granted by Naha Port Authority is set to expire at the end of the year and negotiations for its renewal are about to ensue.
“ICTSI is no longer interested in participating in the said negotiations. Thus, a deed of sale of shares was consummated in the evening of April 27, 2015 between ICTSI and NICTI for the purchase of ICTSI’s shares into treasury,” the terminal operator said in a stock exchange filing.
The filing disclosed that ICTSI sold its 90,000, shares, representing 60 percent of the total outstanding capital stock of NICTI at 1,189 yen per share for a total of 105.3 million yen per share.
The remaining 40 percent in NICT is owned by six stevedoring companies operating at Naha Port.
World Maritime News Staff; Image: Naha Port Authority