ICTSI acquires Aboitiz-owned cargo handler for P337.5M

Port operator International Container Terminal Services Inc. (ICTSI) has acquired Aboitiz Transport System Corp.’s 90.7-percent stake in Davao Integrated Port and Stevedoring Services Corp. (DIPSSCOR) for P337.53 million.

The purchase was made through ICTSI unit Abbotsford Holdings Inc., a new holding company formed to oversee local investments.

The transaction, however, is still subject to the approval of the Philippine Ports Authority (PPA).

ICTSI chairman and chief executive officer Enrique K. Razon Jr. said the purchase was in line with the company’s thrust of expanding its operational reach not only abroad but also in the Philippines.

DIPSSCOR has a 10-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.

Organized in 1984, DIPSSCOR is a leading provider of arrastre, stevedoring and other ancillary services by virtue of the management contract granted by the PPA, handling containerized cargo, breakbulk cargo (whether in bulk, bags or boxes), palletized and non-palletized cargo, rolling cargo as well as heavy lift equipment.

ICTSI currently operates four terminals in the country: its flagship Manila International Container Terminal, the NDS Terminal at the Subic Bay Freeport, the Bauan Terminal in Batangas and the Makar Wharf in Gen. Santos City.

Abroad, ICTSI operates the Baltic Container Terminal in Poland, the Suape Container Terminal in Brazil, the Naha International Container Terminal in Japan, the Madagascar International Container Terminal in Madagascar, the Makassar Container Terminal in Indonesia, and the Tartous Container Terminal in Syria.