ICTSI unloads shares in non-core businesses

Port developer and operator International Container Terminal Services Inc (ICTSI) has sold its shares in a shipyard and a real estate in order to focus solely on its port and terminal operations.

The shares sold come from ICTSI's 9.54 percent holdings in the Subic Shipyard Engineering Inc (SSEI), which was disposed to Keppel Marine Philippines Inc (KPMI) for US$14.15 million, and its 8.56 percent holdings in Consort Land Inc which was sold to Goodsoil Marine Realty Inc and SSEI for $2.63 million, reported Philippines News Agency.

The values of the shares sold amounted to a total of $16.79 million and will be paid in full on September 29.

ICTSI with Magsaysay Shipping Corp and SM Development Corp were long-time partners of KPMI in the operation of the SSEI.
With the purchase, KPMI increased its shares in SSEI to 79.2 percent from 37.5 percent.

The company is concentrating on further improving its overseas units, recently signing a long-term contract to operate the container terminal at the Port of Portland.

The company is also awaiting word on whether it won the bid to operate its Callao Port in Peru.
(Source:www.cargonewsasia.com)