Manila: International Container Terminal Services (ICTSI), the Philippines’ largest port operator, has announced that it has acquired Mexico-based container terminal operator Terminal Maritima de Tuxpan SA de CV (TMT) for $55.4m from Mexico’s logistics and transportation company Grupo TMM SAB and its subsidiary Inmobiliaria TMM SA de CV.
TMT has a concession to construct and operate a container terminal in the Port of Tuxpan, Mexico and is the owner of the real estate where the terminal will be constructed.
“The rationale for the transaction is to continue to expand the business and diversify geographically and to support, participate in and benefit from, the positive economic development in Mexico. The project is expected to increase ICTSI’s consolidated throughput and revenue and positively contribute to the financial performance of the company,” ICTSI said in a release.
In April, ICTSI sold its 60% share in Japanese-based Naha International Container Terminal for about $853,000.
ICTSI, which operates 24 container ports in the Philippines and abroad, reported a net income $54m in the first quarter of the year, up 3% year-on-year.