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ICTSI snaps up 50% control of Manila North Harbor Port

International Container Terminal Services Inc (ICTSI) will raise its stake in Manila North Harbor Port (MNHP) to 50% for nearly PHP1bn ($18.6m), local reports said.

ICTSI said in a stock market announcement that it had signed a share purchase agreement with Harbour Centre Port Terminal Inc (HCPTI) to buy its 15.2% stake for PHP910m.

“The transaction will allow ICTSI to contribute its experience, expertise and state-of the-art technology and infrastructure to enhance the operational efficiency of the domestic terminal in the port of Manila and improve the traffic condition in Metro Manila,” the company said.

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ICTSI said the completion of the share purchase agreement remains subject to a number of conditions precedent, including approvals from the Philippine Ports Authority (PPA) and the Philippine Competition Commission.

In September 2017, ICTSI bought the 34.8% stake of Petron Corp in MNHP for PHP1.8bn. Upon completion of the transaction, ICTSI’s shareholdings in MNHP will increase to 50%.

MNHP is a mainly domestic trade-focussed multi-purpose port terminal at the 56ha Manila North Harbor, and one of three other container terminals at the Port of Manila apart from ICTSI’s Manila International Container Terminal (MICT) and Asian Terminals Inc’s (ATI) Manila South Harbor. MNHP was previously 65%-owned by the Romero family-controlled Harbor Centre Port Terminal Inc (HCPTI), before the firm was torn apart by a family feud around 2014.

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