The transaction, with an agreed purchase price of PhP337.5m (US$6.9m), was carried out through Abbotsford Holdings Inc, a new ICTSI holding company established for investments in the Philippines. The deal is subject to the approval of the Philippine Ports Authority (PPA).
According to Enrique K Razon Jr, ICTSI’s chair and CEO, the acquisition is in line with the company’s strategy of expanding its operations at home in the Philippines as well as abroad. It currently operates four terminals in its home country, including the flagship Manila International Container Terminal (MICT), together with terminals in Poland, Brazil, Japan, Madagascar, Indonesia and Syria.
DIPSSCOR, established in 1984, has a ten-year contract with the PPA to provide cargo handling services at the Sasa International Port in Davao City, handling domestic and foreign cargo under the port’s open competition policy.