Manila: International Container Terminal Services, Inc (ICTSI), the Philippines’ leading port operator, has pulled out of war-torn Syria.
ICTSI has a filed a notice of termination with Tartous Port General Company to cancel its investment in Tartous International Container Terminal (TICT).
ICTSI entered into a 10-year agreement back in 2007 to develop and manage the Syrian box terminal. It remained a small part of the ICTSI empire handling around 26,000 teu in the first nine months of this year.
Writing off the TICT agreement and remaining net assets in the 2012 consolidated accounts of ICTSI would amount to approximately $1.2 million, the Philippine firm said in a statement Friday. Furthermore, ICTSI would be saving an estimated $4m annually, in terms of port fees and cash operating expenses, from the termination of the agreement and write-off.
Also on Friday ICTSI announced that it has upped its stake in its Pakistani terminal via the buy out of shares owned Aeolina Investments. Aeolina had a 15.72% stake in Pakistan International Container Terminal (PICT). With the purchase ICTSI now takes its PICT stake to 63.59%. PICT has an annual handling capacity of 750,000 teu. [31/12/12]