ICTSI’s Bauan unit buys out Marubeni

A wholly-owned subsidiary of Razon-led International Container Terminals Services Inc. has invested P507 million to acquire Bauan International Port Inc shares.

In a disclosure to the Philippine Stock Exchange on Tuesday, ICTSI announced that its unit IWI Container Terminal Holdings Inc. signed a share purchase agreement with Japanese firm Marubeni Corporation for the acquisition.

"On 23 December 2022, IWI Container Terminal Holdings Inc., a wholly owned subsidiary of ICTSI, entered into a Share Purchase Agreement with Japanese company Marubeni Corporation for the acquisition of the latter's 2,050,000 shares in Bauan International Port Inc. for P507,407,000," the report read.

Ro-ro terminal

The Bauan Port is a roll-on/roll-off and project cargo terminal serving the region's an automobile and construction industries.

It is located approximately 120 kilometers south of Manila and nine kilometers west of Batangas City. The terminal supports cargo movements in and out of the Cavite-Laguna-Batangas-Rizal-Quezon area.

ICTSI reported an unaudited revenue from global port operations for the first nine months of the year of $1.64 billion, higher by 20 percent from the $1.37 billion a year ago.

ICTSI said its gross revenues from port operations during the period were 20 percent higher at $1.64 billion compared to the $1.37 billion a year ago due to volume growth and market recovery from the pandemic.

As of 30 September, the company has so far spent $281.3 million in capital expenditures, excluding capitalized borrowing costs.

Operating globally on six continents, ICTSI is a leading global developer, manager, and operator of container terminals in the 50,000 to 3.5 million TEU/year range.