International Container Terminal Services Inc. (ICTSI) said Friday it concluded the sale of 80.19-percent interest in Indonesian subsidiary PT ICTSI Jasa Prima Tbk (IJP) to PT Sarana Kelola Investa.
ICTSI said the move is part of its strategy to streamline operations and concentrate on full concession contracts where it holds complete control. The transaction, signed on Jan. 22, amounted to $2 million.
PT ICTSI Jasa Prima Tbk is a listed company in Indonesia engaged in the development, construction and operation of terminals and maritime logistic infrastructure.
Meanwhile, ICTSI said in a separate statement International Longshore and Warehouse Union and ICTSI Oregon Inc. jointly announced that they reached a settlement of all legal claims.
“Specifically, the settlement finally resolves all ICTSI’s claims against ILWU relating to the decade-long litigation captioned ICTSI Oregon, Inc. v. International Longshore and Warehouse Union, et al., Case No. 3:12-cv-1058-SI, pending in the United States District Court for the District of Oregon, in which a jury determined that ILWU and ILWU Local 8 engaged in unlawful labor practices,” ICTSI said.
The litigation, set for a retrial on damages, was stayed by the commencement of ILWU’s and Local 8’s bankruptcy cases on Sept. 30, 2023 and Oct. 18, 2023, respectively.
Pursuant to the settlement, ICTSI will receive payment of $20.5 million.
The ILWU settlement arises from the parties’ participation in several days of mediation during ILWU’s chapter 11 bankruptcy case, which would be voluntarily dismissed as part of the terms of the settlement.
ICTSI earlier posted a net income of $484.54 million from January to September 2023, up by 4 percent from $465.13 million it earned in the first nine months of 2022.
Revenue from port operations went up 3 percent to $594.88 million from $576.70 million.