A wholly-owned subsidiary of International Container Terminal Services Inc. acquired a 20-percent stake in Bauan International Port Inc. from Marubeni Corp. for P507.41 million.
ICTSI said in a disclosure to the stock exchange IWI Container Terminal Holdings Inc. signed a share purchase agreement with Marubeni for the acquisition of the latter’s 2.05 million shares in BIPI for P507.41 million.
BIPI, owned by ICTSI, operates a roll-on/roll-off and project cargo terminal in Batangas province serving the region’s automobile and construction industries.
The terminal supports cargo movements in and out of the Cavite-Laguna- Batangas-Rizal-Quezon area. Shipment from the Philippine operations of Japanese car makers Mitsubishi and Honda pass through the Bauan Port.
ICTSI earlier reported a net income of $465.1 million in the first nine months, up 47 percent from $316.4 million in the same period last year. Darwin G. Amojelar