Home » Breaking News » ICTSI Singapore subsidiary buys Indonesian company

ICTSI flagship, the Manila International Container Terminal

Manila-based port operator International Container Terminal Services, Inc (ICTSI) has acquired an Indonesian garment manufacturer which it plans to transform into a port management firm.

Through Singaporean subsidiary ICTSI Far East Pte Ltd (ICTSIFE), ICTSI acquired about 80% or 469.7 million shares of PT Karwell Indonesia Tbk (KARW) owned and directly controlled by PT Karya Estetikamulia through the Indonesia Stock Exchange.

A member of the Karwell Group, KARW is engaged in garment manufacturing, textiles spinning and production, as well as washing service for the export and local markets. These businesses have, however, stopped commercial operations.

KARW is now expected to develop, construct and operate terminals and maritime logistics infrastructure.

“The share of PT Karya Estetikamulia in KARW that is acquired by ICTSIFE totals 312,550,000 shares or equivalent to 53.23% of the outstanding and issued shares of KARW at the acquisition price of Rp74 (P0.34) per share,” ICTSI said in a report to the Philippine Stock Exchange last week.

“ICTSIFE also bought 157,172,500 shares of KARW equivalent to 26.77% from the market at prices ranging from Rp75 to Rp77 per share,” the company added.

“After the acquisition and purchase of additional shares, ICTSIFE owns 469.7 million shares equivalent to 80% of the total outstanding and issued shares of KARW.”

ICTSI Far East also owns New Muara Container Terminal Services SDN Bhd., which operates the Muara Container Terminal in Brunei, and PT Makassar Terminal Services, which operates container-handling equipment in at the Makassar Container Terminal in South Sulawesi.

Photo courtesy of ICTSI

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