ICTSI buys majority stake in Davao cargo handling firm

ICTSI buys majority stake in Davao cargo handling firm Manila-based global port operator International Container Terminal Services Inc. has acquired a majority stake in compatriot Davao Integrated Port and Stevedoring Services Corp. for PhPeso337.5 million ($6.9 million).
   ICTSI, through its Filipino holding/investment company Abbotsford Holdings, purchased 90.7 percent of the outstanding capital stock of Davao from Aboitiz Transport System Corp.
   Davao has a 10-year contract with the Philippine Ports Authority to provide cargo handling services at the Sasa International Port in Davao City, handling both domestic and foreign cargo under the port’s open competition policy.
   The transaction is subject to the approval of the Philippine Ports Authority.