MANILA, Philippines - Listed port operator International Container Terminal Services, Inc. (ICTSI) acquired a controlling stake in its joint venture company with Hijo Resources Corp.
In a disclosure to the stock exchange, ICTSI said its subsidiary Abbotsford Holdings, Inc.(AHI) acquired subscription rights to 40 million common shares in Hijo International Port Services, Inc. (HIPS).
This brings AHI's ownership in HIPS to 162.5 million shares, which now constitute a controlling 65% of the outstanding capital stock of HIPS.
HIPS owns the Hijo International Port, a private commercial port in Barangay Madaum, Tagum, Davao del Norte in the Gulf of Davao. It currently handles approximately 300,000 metric tons (mt) of mostly banana volumes annually.
Under ICTSI, HIPS will develop and upgrade the facilities and capacity of the port to handle containerized cargo, especially bananas in refrigerated containers.
HRC is a diversified group involved in leisure and tourism, agribusiness, property development and port operations. Established in 1959, HRC is one of the pioneers in the cultivation and exportation of Cavendish bananas to Japan.