Enrique Razon Jr.’s International Container Terminal Services Incorporated (ICTSI) is buying 100% of Manila Harbor Center Port Services Incorporated (MHCPSI) for P2.45 billion.
On Tuesday, June 1, ICTSI said the transaction, which is a share purchase agreement with Prime Strategic Holdings, will be paid in cash upon closing.
MHCPSI operates a 10-hectare private port facility located at the northern side of the Manila Harbor Center. It is mainly involved in handling and storing international breakbulk and bulk cargo.
In 2020, MHCPSI had a throughput of over 4.3 million tons across its 865-meter quay and maintains a water depth of approximately 10 meters.
“Transfer of the facilities to ICTSI management is expected to take place in mid-2021, once all conditions precedent and all required regulatory approvals have been obtained,” ICTSI said in a disclosure to the Philippine Stock Exchange.
ICTSI said the deal, together with its Manila International Container Terminal and joint venture Manila North Harbour Port, “puts ICTSI in a position to generate efficiencies and benefit from synergies across the entire Manila Bay waterfront.” – Rappler.com