ICTSI eyes expansion opportunities

Philippine port operator International Container Terminal Services Inc. (ICTSI) said yesterday it continues to look for opportunities to expand its business both locally and internationally.

ICTSI issued the statement in response to a report that it plans to put up a joint venture firm with Hong Kong’s Hutchison Whampoa Ltd. to develop an international container terminal in Batangas province south of Manila.

"Being in the port industry, it is normal for us to look for opportunities for expansion, either locally or globally in so doing, it is also normal for us to be in discussion with many entities, including Hutchison Whampoa," ICTSI said.

"No decisions or agreement have been reached as to which port we want to develop next."

ICTSI sold eight of its international port firms to Hutchison Whampoa, the world’s largest container port operator in a deal valued at around $400 million.

At the same time, ICTSI clarified another report that it is selling its 51-percent stake in Cebu International Container Terminal Inc., a port operator in the central Philippine province of Cebu.

ICTSI said what the firm is planning to sell is a waterfront property in Cebu owned by Cebu International.