ICTSI eyes increased overseas port operations

Manila: Philippines based International Container Terminal Services Incorporated (ICTSI) has said that it is considering new operations in Latin America, the Middle East, Africa and India. It is also considering increasing its Chinese holdings and has recently purchased a 60% majority in the Yantai Gangtong Container Terminal in conjunction with the Yantai Port Group and SDIC Communication.

ICTSI, which saw a 37% rise in net income to $37.8m for 2006- the majority of which was accounted for by overseas holdings, also plans to sell 300m shares held by its warehousing subsidiary. The money from the sale will be used to fund acquisitions of new terminals in addition to general corporate purposes.  [13/03/07]