MANILA – International Container Terminal Services Inc on Monday said it has acquired 15.17 percent of the Manila North Harbor Philippines Inc from Harbor Center Port Terminal Inc.

The share purchase agreement, which will bring ICTSI’s shares in MNHPI to 50 percent, was signed last Sept. 5, 2018, firm led by billionaire Enrique Razon told the stock exchange.

“The transaction will allow ICTSI to contribute its experience, expertise and state-of the-art technology and infrastructure to enhance the operational efficiency of the domestic terminal in the Port of Manila and improve the traffic condition in Metro Manila,” the statement said.

Manila North Harbor Philippines is engaged in domestic port terminal business at the Manila North Harbor under a contract with the Philippine Ports Authority, ICTSI said.