MANILA, Philippines – Razon-owned International Container Terminal Services Inc. (ICTSI) has raised P1.65 billion from the sale of its entire stake in the Cebu International Container Terminal Inc. (CICTI).
In a disclosure to the Philippine Stock Exchange (PSE), ICTSI treasury director Arthur Tabuena said ICTSI completed the sale of 127.5 million common shares at P12.93 per share, representing 51 percent of the authorized and outstanding capital stock of CICTI on Monday.
The shares were sold to Cebu Asian Rim Property & Development Corp. and Hong Kong Land (Philippines) BV, which is a member of the Jardine Matheson Group.
ICTSI earlier said CICTI owns a 200,000 square-meter land in Mandaue City.
ICTSI’s earnings increased 27 percent to $135.65 million in January to September 2013 from $106.84 million in the same period in 2012 due to revenues from its continued expansion overseas.
The port operator’s terminal operations in Manila, Brazil, China, Ecuador, Madagascar, Poland, and Pakistan accounted for 79 percent of the group’s consolidated volume in the first nine months of 2013.