ICTSI gains full control of Melbourne box terminal project in buyout deal

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Webb_DockICTSI Far East Pte Ltd., a wholly owned subsidiary of global port operator International Container Terminal Services, Inc. (ICTSI), now owns all the shares in Victoria International Container Terminal Ltd. (VICTL) after buying out its partner, Anglo Ports Pty Ltd.

In a recent disclosure to the Philippine Stock Exchange, ICTSI said ICTSI Far East acquired Anglo Ports’ 10% share in VICTL to effectively increase the Singapore-based subsidiary’s stake in VICTL from 90% to 100%.

The share sale agreement between ICTSI Far East and Anglo Ports specified a price per share of AUD750,000 and became effective on February 4, according to the port operator.

ICTSI and partner Anglo Ports won in 2014 the 26-year concession for the third container terminal in Melbourne, Australia.

On May 2, 2014, VICTL signed an agreement with the Port of Melbourne Corporation to design, construct, commission, operate, maintain, and finance the Port of Melbourne’s new international container terminal and empty container park at Webb Dock.

ICTSI earlier said it will invest US$508 million in the box terminal project, of which $407 million will go to the development of the Webb Dock Container Terminal and Empty Container Park for Phases 1 and 2, and $101 million to capacity building at the terminal to 1.4 million twenty-foot equivalent units. Phase 1 of the terminal will be operational starting December 2016.

The project marks ICTSI’s entry into Australia and extends its portfolio of managed ports to 30 terminals across six continents. The Port of Melbourne is the largest container and general cargo port in Australia.

Photo from www.portofmelbourne.com