Manila-based International Container Terminal Services Inc. (ICTSI) is selling its 51% stake in a container terminal in Cebu, the company said in a disclosure to the Philippine Stock Exchange last Friday.
The port operator said its stake in Cebu International Container Terminal Inc (CICT), along with shares of other stockholders, would be sold to Cebu Asian Rim Property and Development Corp. and Hong Kong Land (Philippines) BV, a member of the Jardine Matheson Group.
ICTSI treasury director Arthur Tabuena said in the disclosure that ICTSI together with other shareholders divested 250 million common shares representing 100% of the authorized and outstanding capital stock of CICTI.
No sale price was disclosed. The company said the transaction was expected to be completed on or before Jan. 10, 2014.
CICT owns about 200,000 square meters of land in Mandaue City.
ICTSI reported a net income of $135.65 million as of September, up 26.97% from $106.84 million year-on-year, as consolidated gross revenues grew 19% to $624.7 million from $524.7 million.
Photo courtesy of ICTSI.