Manila: Philippine terminal operator International Container Terminal Services Inc (ICTSI) is bolstering its port operations in China.
In a disclosure to the Philippine stock exchange, the port operator said its indirect wholly-owned subsidiary ICTSI (Hong Kong) will acquire 51% of DP World Yantai Company Limited, which will be renamed Yantai International Container Terminals Limited (YICT).
DP World China (Yantai) Limited will retain a 12.5% equity interest in YICT while the remaining 36.5% equity interest in YICT will be owned by Yantai Port Holdings Company Limited (YPH).
ICTSI is also selling its entire 60% equity interest in Yantai Rising Dragon International Container Terminals Ltd (YRDICTL).
YPH will then become the 100% owner of YRDICTL.
“The objective of these transactions is to consolidate and optimize the overall port operations within the Zhifu Bay Port area in Yantai, China,” ICTSI said. [21/05/14]