ICTSI completes acquisition of port facility in Jakarta

MANILA, Philippines - Port operator International Container Terminal Services Inc. (ICTSI) has completed the acquisition of a port facility in Jakarta’s Tanjung Priok area, expanding its global business empire.

In a disclosure to the Philippine Stock Exchange yesterday, ICTSI said its Indonesian-controlled, publicly-listed company signed a deed of sale for 100 percent of PT PBM Olah Jasa Andal, which is engaged in the development and operation of terminal and maritime logistics infrastructure.

The ICTSI unit provided bridge financing for PT OJA’s transformation from a garment and textile manufacturer to a port and logistics operator.

So far this year, ICTSI has acquired stakes in major cargo ports in Pakistan, in the Middle East and Nigeria in Africa.

As of end-December 2011, ICTSI’s portfolio extended to 23 terminals in 17 countries with six ports in the Philippines and one terminal each in Indonesia, Brunei, India, China, Japan, United States, Ecuador, Brazil, Poland, Georgia, Croatia, Syria and Madagascar. It also has ongoing port development projects in Mexico, Colombia and Argentina.

ICTSI has set a capital spending of $550 million this year – more than double what it spent in 2011 – to further expand its reach overseas.

About $345 million of the capital budget will go to greenfield projects in Argentina, Mexico and Colombia.

The balance will be used to partly fund the acquisition of a 35-percent stake in Pakistan International Container Terminal Ltd., equivalent to around $150 million.