INTERNATIONAL Container Terminal Services, Inc (ICTSI) recently sold its stake in a shipyard and real estate company to concentrate on its core business of port operations.
Both transactions are valued at P755.811 million and will be paid fully by September 29, 2010, ICTSI said in a disclosure to the Philippine Stock Exchange.
ICTSI sold its 9.54% share in Subic Shipyard and Engineering, Inc (SSEI) to Keppel Philippines Marine, Inc (KPMI) for approximately P636.815 million.
ICTSI’s share with Consort Land, Inc (CLI) representing 8.56% of CLI’s outstanding stock was sold to Goodsoil Marine Realty Inc and SSEI for P118.996 million.
ICTSI with Magsaysay Shipping Corp and SM Development Corp were long-time partners of KPMI in the operation of the SSEI. With the purchase, KPMI increased its shares in SSEI to 79.2% from 37.5%.
ICTSI is concentrating on further improving its overseas units, recently signing a long-term contract to operate the container terminal at the Port of Portland.
The company is also awaiting word on whether it won the bid to operate its Callao Port in Peru.
Last year, ICTSI bagged a P36-billion contract to develop and operate a significant portion of the Port of Manzanillo, Mexico’s busiest cargo hub.
In the Philippines, ICTSI operates Manila International Container Terminal, the Mindanao Container Terminal in Misamis Oriental, Makar Wharf in General Santos, Cubi Point in Zambales and Sasa Wharf in Davao City.
Overseas it operates the Pulau Muara Container Terminal in Brunei, Port of La Plata in Argentina, Port of Batumi in Georgia, Port of Buenaventura in Colombia, Port of Guayaquil in Ecuador, Yantai Port in Shandong Province in China, Tartous Container Terminal in Syria and the Makassar Port Container Terminal in Indonesia.
