International Container Terminal Services Inc (ICTSI) has divested its stake in a Cebu-based subsidiary, raising US$36.61 million in the process, the port operator said.
The Razon-led firm said that it sold its entire shareholding in Cebu International Container Terminal Inc (CICTI) -which it described as a "non-core asset"-to Cebu Asian Rim Property & Development Corp and Hongkong Land (Philippines), reported BjsinessWorld.
ICTSI had a 51 percent majority stake in the Cebu-based port firm.
"We have fully divested our shares in CICTI," ICTSI vice-president and treasurer Rafael Consing said.
He explained that the firm wanted to cash in on its Cebu-based asset.
"Following a review of ICTSI's shareholding in CICTI, we concluded that it was best to monetize its value and redeploy the proceeds to other opportunities in our investment pipeline," Consing explained.
Besides its home market in the Philippines, ICTSI has operations in Argentina, Brazil, British Virgin Islands, Brunei, Cayman Islands, China, Colombia, Croatia, Ecuador, Honduras, Hong Kong, India, Indonesia, Japan, Madagascar, Mauritius, Mexico, Pakistan, Panama, Poland, Singapore, South Africa, the Netherlands, United Arab Emirates, the United States of America, Uruguay, and Venezuela.
In the Philippines, ICTSI operates the Manila InternationalContainer Terminal, as well as ports in Subic Bay Freeport Zone (Cubi Point), Tagoloan, Misamis Oriental (Mindanao Container Terminal), Tagum City (Hijo Port) and in Bauan, Batangas (Bauan International Port).
ICTSI saw its net income increase by 26.97 percent to $135.65 million as of September from $106.84 million in the same nine months last year, as consolidated gross revenues jumped 19 percent to $624.7 million from $524.7 million.
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