ICTSI takes over Indonesian port in $47 million deal
International Container Terminal Services Inc. (ICTSI) will acquire
a majority stake in an Indonesian port as the operator expands its global
footprint.
The Philippines-based firm signed a Conditional Share Subscription and
Purchase Agreement with Indo Port Holding Pte Ltd. and Eastlog Holding Pte Ltd
to acquire majority ownership in PT East Java Development – which has the
concession rights, with 47 years remaining in its concession, to operate a
multi-purpose terminal located in Lamongan Regency, East Java, Indonesia.
ICTSI is buying a a 66.7 per cent stake in a multipurpose port for $46.5
million, the company announced in a filing to Securities and Exchange
Commission.
The signing was made on 27 July.
“The purchase will increase ICTSI’s footprint in the growing Asia Pacific
region and provide further service offerings to its global and local customer,”
ICTSI wrote.
ICTSI has operations in six continents. It operates 33 terminals across 20
countries.
ICTSI is readying expansion investments at its terminals in the Ports of La
Plata and Dock Sud to support flow of trade in the metropolitan areas of Greater
Buenos Aires and Greater La Plata.
In June the firm announced the Argentinian terminal operated by TecPlata
S.A., a subsidiary of International Container Terminal Services (ICTSI), in
cooperation with Vessel S.A. will launch a new weekly service between the La
Plata Port and the Port of Montevideo in Uruguay.
