51% stake is bought by Cebu Asian Rim Property and Development Corp. and Hong Kong Land (Philippines) BV.
Port operator International Container Terminal Services Inc. (ICTSI) has completed the sale of its stake in Cebu International Container Terminal Inc. (CICT) for P1.65 billion, a stock exchange filing shows.
The 51% stake was bought by Cebu Asian Rim Property and Development Corp. and Hong Kong Land (Philippines) BV, according to a report in business.inquirer.net.
The deal involved 127.5 million of ICTSI’s shares at P12.93 a share.
ICTSI reported this month that net income in the nine months through to September rose 22% to $128.8 million as revenues and margins improved.
Revenues during the period hit $624.7 million, up 19%, while volumes grew 13% to 4.6 million TEUs, as international and domestic trade increased.
In the third quarter, net income rose 29% to $45.9 million while revenues from port operations was up 17% to $211 million.
Most of the gains in volume have been attributed to operations at Pakistan International Container Terminal (PICT) and PT Olah Jasa Andal (PT OJA), ICTSI’s new container terminal in Jakarta, Indonesia.
Excluding the volume from the two new terminals and the effect of the cessation of the operations in Syria effective January, organic volume growth increased by just 1%.
ICTSI’s seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan accounted for 79& of the group’s consolidated volume in the first nine months of 2013.
ICTSI has previously said it is taking over the operations of a container and general cargo terminal of Puerto Cortes in Honduras.
