Manila: International Container Terminal Services, Inc (ICTSI), the leading Philippine terminal operator, has sold a 25% stake with CMA Terminals (CMAT), part of France’s CMA-CGM Group, in Lekki International Container Terminal Services LTFZ Enterprise (LICTSLE), the Nigerian subsidiary of ICTSI.
The joint venture forged between ICTSI and CMAT in Lekki is expected to further improve the viability of the project in the Lagos Free Trade Zone, ICTSI said in a release.
“Having the third-largest container shipping company in the world as a partner in the project is expected to help accelerate the volume ramp-up of the company’s greenfield project in the early years of its operation and establish a more stable core throughput for LICTSLE in the long run,” ICTSI said.
CMAT is paying $25,000 for the stake as well as paying 25% of LICTSLE’s total debts and accrued expenses. [28/01/14]