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ICTSI buys into Indonesian port in $47m deal

International Container Terminal Services Inc. (ICTSI) is acquiring a majority stake in an Indonesian port as the operator with a facility in East Java.

Michele Labrut, Americas Correspondent

August 1, 2022

1 Min Read
ICTSI's flagship Manila International Container Terminal
ICTSI's flagship Manila International Container TerminalPhoto: ICTSI

The Philippines-based firm is buying a majority stake in PT East Java Development from Indo Port Holding Pte Ltd. and Eastlog Holding Pte Ltd. PT East Java Development has the concession rights, with 47 years remaining, to operate a multi-purpose terminal located in Lamongan Regency, East Java, Indonesia.

ICTSI is buying a 66.7% stake in the multipurpose port for $46.5m, the company announced in a filing to Securities and Exchange Commission.

The deal was inked was on 27 July.

“The purchase will increase ICTSI’s footprint in the growing Asia Pacific region and provide further service offerings to its global and local customer,” said ICTSI.

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About the Author

Michele Labrut

Americas Correspondent

Michèle Labrut is a long-time Panama resident, a journalist and correspondent, and has continuously covered the maritime sector of Central & Latin America.

Michèle first came to Panama as a press attaché to the French Embassy and then returned to the isthmus as a foreign correspondent in the 1980s.

Author of Seatrade Maritime's annual Panama Maritime Review magazine and of several books, Michèle also wrote for Time magazine, The Miami Herald, NBC News and the Economist Intelligence Unit. She has also collaborated in making several documentaries for the BBC and European and U.S. television networks.

Michèle's profession necessitates a profound knowledge of the country, but her acumen is not from necessity alone, but a genuine passion for Panama.

In 2012 she was awarded the Order of Merit (Knight grade) by the French Government for her services to international journalism and in 2021 the upgrade to Chevalier grade.

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