ICTSI Agrees to Buy 34.8 Pct Share in Manila North Harbour

Manila-based International Container Terminal Services (ICTSI) has reached an agreement to buy a 34.83% stake in the Manila North Harbour Port Incorporated (MNHPI).

Under the contract, signed on September 21, the company would purchase 10,449,000 shares in the port from the Philippines’ oil refining major Petron Corporation.

ICTSI is paying a total consideration of PHP 1.75 billion (USD 34.5 million) in cash for the MNHPI’s outstanding shares. The purchase price would be paid on closing date which is on October 30, 2017.

“The transaction will allow ICTSI to contribute its experience, expertise and state-of the-art technology and infrastructure to enhance the operational efficiency of the domestic terminal in the Port of Manila and improve the traffic condition in Metro Manila,” ICTSI said in a stock exchange filing.

“This transaction will further improve the returns of ICTSI’s shareholders through this value-accretive acquisition,” the company added.

The completion of the sale purchase agreement is subject to several conditions, including approval of the transaction by the Philippine Ports Authority.

MNHPI is a Philippine entity engaged in domestic port terminal business at the Manila North Harbour under contract with the Philippine Ports Authority.

It operates a 52.5-hectare multi-purpose port terminal used in handling general cargo and passenger accommodation. It services close to 4,000 vessels per year, according to MNHPI’s website.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >