International Container Terminal Services Inc. secured an approval from state-run Philippine Ports Authority to acquire a 15.7-percent stake in Manila North Harbor Philippines Inc.
ICTSI, led by businessman Enrique Razon, said in a disclosure to the stock exchange the PPA board approved the transfer of 15.7 percent of Harbour Centre Port Terminal Inc. to ICTSI.
ICTSI’s shareholdings in MNHPI as a result of the transaction increased from 34.83 percent to 50 percent.
Conglomerate San Miguel Corp owns a 43.44-percent stake in MNHPI.
MNHPI won the 25-year contract to manage, develop and operate the 52-hectare seaport terminal.
The company earlier committed to invest P14.5 billion to develop the port facility.
The company also plans to build a container yard.