Port operator International Container Terminal Services Inc. said it has taken full ownership of a port terminal in Australia.
ICTSI said in a disclosure to the stock exchange Singapore-based wholly-owned indirect subsidiary ICTSI Far East Pte. Ltd. acquired 10-percent interest of Anglo Ports Pty Ltd. in Victoria International Container Terminal in Melbourne, Victoria, Australia.
This increased ICTSI Far East’s stake in VICT to 100 percent from 90 percent.
ICTSI Far East purchased Anglo’s 10-percent interest in VICT for A$7.5 million, or P253 million.
Anglo Ports is headquartered in Australia and is chaired by Richard Setchell, former chairman and managing director of P&O’s global ports empire.
Share price of ICTSI on Wednesday closed at P114.70 per share, up 1.15 percent from Tuesday’s close of P113.
VICT in May signed a Au$$550-million ($509 million) agreement with Port of Melbourne Corp. for the design, construction, commissioning, operation, maintenance and financing of the Port of Melbourne’s new international container terminal and empty container park at Webb Dock.
The contract involves a 26-year expansion and operations contract for the Port of Melbourne, the largest in Australia. The new terminal is expected to become the flagship facility in Australia’s premier port.
The lease concessions extended to 2040, enabling a competitive platform for the development of ICTSI’s Australian business.
ICTSI, a pioneer in taking its container terminal expertise overseas, now manages and operates 29 marine terminals across 19 countries.
The company is led by Filipino billionaire Enrique Razon Jr., ICTSI chairman and president, who over the last decade oversaw a period of remarkable growth for ICTSI in both developed and emerging markets.
Aside from ports, Razon has other substantial business interests that include casinos and mining.