ICTSI Acquires Control of Philippines' Port
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.