MANILA, Philippines - Global port operator International Container Terminal Services Inc. (ICTSI) has sold its stakes in Subic Shipyard and Engineering Inc. and Consort Land Inc. for about P755.8 million.
ICTSI sold to Keppel Philippines Marine Inc. all of its shares in Subic Shipyard, amounting to 97.6 million common shares, equivalent to 9.54% of the shipyard's outstanding capital stock.
ICTSI also sold to Goodsoil Marine Realty Inc. and Subic Shipyard, all of its 2.997 million common shares or its 8.56% stake in Consort Land.
In a disclosure on Tuesday to the Philippine Stock Exchange, ICTSI said Subic Shipyard will make full payment of P636.815 million by September 29 this year.
ICTSI's interests in Consort Land was valued at P118.996 million.
Shares in ICTSI ended 2% higher on Tuesday at P32.80 a piece.