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International Container Terminal Services, Inc. (ICTSI) on June 4 took over Manila Harbour Center Port Services, Inc. (MHCPSI) after obtaining regulatory approvals to acquire the bulk and breakbulk terminal operator
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ICTSI on June 1 signed a share purchase agreement with Prime Strategic Holdings, Inc. to acquire 100% shares in MHCPSI for P2.447 billion
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MHCPSI operates a 10-hectare international breakbulk and bulk private port facility located north of Manila Harbour Center, Port of Manila
International Container Terminal Services, Inc. (ICTSI) on June 4 took over the facilities of Manila Harbour Center Port Services, Inc. (MHCPSI) after obtaining regulatory approvals to acquire the bulk and breakbulk terminal operator.
In a regulatory disclosure on June 4, ICTSI said all required regulatory approvals were obtained a few days after it announced the acquisition of 100% shares of MHCPSI.
READ: ICTSI acquires Manila Harbour Center for P2.45B
ICTSI on June 1 signed a share purchase agreement with Prime Strategic Holdings, Inc. (PSHI) to purchase 100% shares in MHCPSI for P2.447 billion. MHCPSI operates a 10-hectare international breakbulk and bulk private port facility located north of Manila Harbour Center, Port of Manila.
PSHI is a related party of ICTSI as both are under a common ultimate ownership.
The port operator said the transaction, together with its flagship Manila International Container Terminal and joint venture Manila North Harbour Port, Inc. (MNHPI), “puts ICTSI in a position to generate efficiencies and benefit from synergies across the entire Manila Bay waterfront.” ICTSI currently owns 50% shareholdings in MNHPI, a domestic terminal in Manila North Harbor, after acquiring shares in 2017 and 2018.
Incorporated on May 13, 2016, MHCPSI operates a private port facility north of Manila Harbour Center under a Permit to Operate granted by the Philippine Ports Authority. It mainly handles and stores international breakbulk and bulk cargo.
In 2020, MHCPSI reported a throughput of more than 4.3 million tons across its 865-meter quay and maintains a water depth of about 10 meters.
