Manila-based terminal operator International Container Terminal Services, Inc. (ICTSI) has entered into a purchase agreement for Patron’s 10,499,000 shares in the Philippine port terminal, valued at 1.75 billion Philippine pesos (U.S. $34 million).
Terminal operator International Container Terminal Services, Inc. (ICTSI) inked an agreement with Petron to purchase 35 percent of Petron’s shares in the Manila North Harbor Port (MNHPI).
The stake, or 10,449,000 total shares, is valued at 1.75 billion Philippine pesos (U.S. $34 million) and is pending approval for purchase by all necessary authorities, including the Philippine Ports Authority.
The purchase price was based on earnings multiple, according to Petron’s announcement. The closing date for the sale is slated for Oct. 30, 2017.
ICTSI owns and operates its flagship Manila International Container Terminal (MICT) just south of MNHPI. Earlier this year, the terminal operator announced several upgrades for MICT, including 20 new rubber tired gantry cranes and five post-Panamax quay cranes for servicing larger ships.
Its Subic Bay terminal, the New Container Terminal (NCT), has been achieving increased productivity levels, as noted in the company’s first quarter earnings report.
ICTSI to purchase 35% stake in Manila North
