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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Day of Seafarer: ICS Highlights Seafarers Role in Migrant Rescues

Gerardo Borromeo, Vice Chairman of the International Chamber of Shipping (ICS) took the opportunity today to highlight the courage that is currently being displayed by seafarers,

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

Winners of International Seafarers' Welfare Awards

The winners of ISWAN's International Seafarers' Welfare Awards 2016 were announced on 24th June at a high-profile ceremony held in Manila, the Philippines. The

Ports

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

New Era of Global Trade with Expanded Panama Canal

The Expanded Panama Canal is now officially open for business.   During the official inauguration ceremony, Panamanian President Juan Carlos Varela and Panama Canal Administrator and CEO Jorge L.

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

Mergers & Acquisitions

Will Maersk Line acquire HMM

There are rumours among observers that the  market leader Maersk Line is planning to acquire South Korea’s shipping major Hyundai Merchant Marine (HMM).   Neither

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

OSG Joins NYSE "Big Board"

Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”) announced today that it has been approved by the New York Stock Exchange (“NYSE”) to transfer

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Port Authority Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0914 sec (11 req/sec)