ICTSI Acquires Control of Philippines' Port

Press Release
Monday, November 19, 2012

International Container Terminal Services, Inc. (ICTSI) subsribe to shares giving it a 65% share in Hijo International Port Services Corp.

International Container Terminal Services, Inc. (ICTSI), through its wholly- owned subsidiary Abbotsford Holdings, Inc., (AHI), has acquired subscription rights to forty million common shares in Hijo International Port Services, Inc. (HIPS), which is a joint venture company with Hijo Resources Corp. (HRC). This brings AHI’s ownership in HIPS to 162,500,000 shares, which now constitute a controlling 65 precent of the outstanding capital stock of HIPS.

HIPS owns the Hijo International Port, a private commercial port in Barangay Madaum, Tagum, Davao del Norte in the Gulf of Davao. The existing port sits within a reclaimed land of about 10.3 hectares. It has two berths: 127m long and 150m long. It has two cargo sheds located in the wharf area and various terminal support facilities. It currently handles approximately 300,000 metric tons (mt) of mostly banana volumes annually.

HIPS, under the management of ICTSI, will now develop and upgrade the facilities and capacity of the port to handle containerized cargo, especially banana in refrigerated containers.

ICTSI is a leading port management company involved in the operations and development of 28 marine terminals and port projects in 19 countries worldwide. The company was among the first international terminal operators to take its expertise overseas.

 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Frontline appoints Macleod as new CEO

Crude oil tanker firm Frontline, part of shipping tycoon John Fredriksen's business empire, appointed Robert Hvide Macleod as chief executive to replace Jens Martin Jensen, the firm said on Monday.

BHP Bullish on Caval Ridge's Prospects

Yesterday BHP Billiton Coal President, Dean Dalla Valle, was joined by the Hon. Tony Abbott MP, Prime Minister of Australia, and joint venture partner Mitsubishi in a ceremony to open the US$3.

Vice Presidents Rejig at Caterpillar Inc

Following the previous announcement regarding two group presidents’ retirements and new responsibilities for another group president, Caterpillar Inc. (NYSE: CAT)

Ports

India to Develop Iran's Chabahar Port

India will float a company to develop Iran's Chabahar Port, a government statement said on Saturday, as New Delhi aims to take advantage of a thaw in Tehran's relations with world powers.

Long Beach Port Adds ‘Free Time’ for Cargo to Ease Congestion

The Port of Long Beach will add an extra three days to the time that overseas import containers can remain on the docks without charge, in order to grant some

ITIC Measures against Ebola

The International Transport Intermediaries Club (ITIC) has issued the following general advice related to the outbreak of Ebola. Vessels that have recently

Mergers & Acquisitions

No Merger of Yara & CF Industrie

Yara International ASA and CF Industries have terminated their discussions regarding a potential merger of equals transaction. "This has been a constructive process,

KBR, Daewoo win Eni FLNG FEED

KBR Inc. announced today that the KD Consortium, consisting of KBR and Daewoo Shipbuilding & Marine Engineering Company, Ltd, has been awarded a front end engineering

GeoSea acquires HOCHTIEF Offshore Assets

DEME’s marine engineering specialist GeoSea acquires offshore assets of HOCHTIEF, one of Germany’s leading international construction groups. HOCHTIEF is selling

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1326 sec (8 req/sec)