International Container Terminal Services, Inc. completed the acquisition of Manila Harbor Center Port Services Inc. from Prime Metroline Transit Corporation.
June 03, 2021
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International Container Terminal Services, Inc. (PSE:ICT) entered into an agreement to acquire Manila Harbor Center Port Services Inc. from Prime Metroline Transit Corporation for PHP 2.4 billion on June 1, 2021. The purchase price will be entirely paid in cash on Closing where International Container Terminal Services will pay Php2,447,214,772.00 (Two Billion Four Hundred Forty-Seven Million Two Hundred Fourteen Thousand Seven Hundred Seventy-Two Pesos) subject to standard and usual closing adjustments to acquire 25,000,000 secondary shares representing 100% of MHCPSI's issued and outstanding shares. Once all conditions precedent and all required regulatory approvals have been obtained, transaction is expected to take place in mid-2021. This transaction is expected to generate synergies and value-accretive returns for ICTSI's shareholder.
International Container Terminal Services, Inc. (PSE:ICT) completed the acquisition of Manila Harbor Center Port Services Inc. from Prime Metroline Transit Corporation on June 4, 2021. On June 4, 2021, the facilities were transferred to ICTSI management after all conditions precedent have been satisfied and required regulatory approvals have been obtained.
International Container Terminal Services, Inc. is a Philippines-based independent terminal operator. The Company builds and operates origin and destination gateway terminals, which are fully equipped to handle international containerized dry cargoes, containerized refrigerated cargoes and non-containerized cargoes. The Company operates principally in one industry segment, cargo handling and related services. It has organized its business into three geographical segments: Asia, EMEA and Americas. Asia segment includes Manila, Zambales, Batangas, Laguna, Cavite, Davao, General Santos, Misamis Oriental, Indonesia and China. EMEA segment includes Poland, Georgia, Croatia, Madagascar, Pakistan, DR Congo and Iraq. Americas segment includes Brazil, Ecuador, Argentina, Mexico, Colombia and Honduras.
International Container Terminal Services, Inc. completed the acquisition of Manila Harbor Center Port Services Inc. from Prime Metroline Transit Corporation.