AsiaPorts and Logistics
ICTSI buys into another Manila terminal
International Container Terminal Services Incorporated (ICTSI) of the Philippines has bought compatriot’s Petron Corporation’s 34.83% stake in the nation’s domestic port, Manila North Harbor, for P1.75bn ($34.53m).
Petron said the sale would allow it to focus on its core business of oil and gas.
ICTSI already has a terminal in the Philippine capital, Manila International Container Terminal, which it has been operating since 1988.