ICTSI subsidiary now wholly owns Bauan terminal operator

• IWI Container Holdings, Inc. acquired all shares of Marubeni Corporation in Bauan International Port, Inc. for P507.4 million

• The deal effectively makes IWICTHI, a wholly owned subsidiary of International Container Terminal Services, Inc, the sole owner of BIPI

• The share purchase agreement was made on December 23 and involves Marubeni’s 2.050 million shares in BIPI

• BIPI operates the Bauan terminal, a roll-on/roll-off and project cargo terminal serving the region’s automobile and construction industries

A subsidiary of International Container Terminal Services, Inc. (ICTSI) now wholly owns Bauan International Port, Inc. (BIPI), operator of Bauan terminal in Batangas.

IWI Container Holdings, Inc. (IWICTHI) entered into a share purchase agreement with Japanese company Marubeni Corporation for the acquisition of the latter’s 2.050 million shares in BIPI, equivalent to 20% and worth P507.4 million, ICTSI said in a regulatory disclosure.

The agreement was made on December 23.

In September 1997, IWICTHI entered into an agreement with Atlantic, Gulf and the Pacific Co. (AG&P) forming BIPI. In April 2019, IWICTHI bought all remaining 20% share of AG&P in BIPI.

Bauan terminal is a roll-on/roll-off and project cargo terminal serving the region’s automobile and construction industries. The 20-hectare terminal, according to an ICTSI profile, is located approximately 120 kilometers south of Manila and nine kilometers west of Batangas City. Facing the Batangas Bay, the terminal is within a natural cove, and is protected from adverse weather conditions by several islands, which are clearly visible from the bay. The terminal supports cargo movements in and out of the Cavite-Laguna-Batangas-Rizal-Quezon area.