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ICTSI sells stake in Cebu container terminal

ICTSI sells stake in Cebu container terminal
Ports operator International Container Terminal Services, Inc. (ICTSI) has sold its stake in a container terminal Cebu, the Philippines, to a member of conglomerate Jardine Matheson Group of Hong Kong.

Philippine-based ICTSI said its 51% stake in Cebu International Container Terminal, along with shares of other stakeholders, were sold to Cebu Asian Rim Property and Development Corp and Hong Kong Land (Philippines) BV.

The buyers would own 100% of Cebu International Container Terminal upon the completion of the transaction. The sale price was not disclosed.

Cebu International Container Terminal owns a plot of land of about 200,000 square metres in Mandaue City.

Last month, ICTSI booked a stronger set of results for the first nine months of 2013 as margins improved at some terminals. It recorded a nine-month net profit of $128.8m and a revenue of $624.7m.