International Container Terminal Services Inc. (ICTSI), the global port operator of billionaire Enrique Razon Jr., announced the sale of its entire 51 percent stake in Yantai International Container Terminal Ltd. (YICTL), a container port operator in China, in a transaction valued at P6.76 billion.
ICTSI executed the sale through its wholly owned subsidiary, ICTSI (Hong Kong) Ltd., by signing an Equity Interest Transfer Agreement with Yantai Port Holdings Company Limited, the co-investor in YICTL. The transaction covers ICTSI’s 384.5 million shares in the joint venture, priced at RMB2.01 per share, totaling RMB773.2 million, approximately P6.76 billion at the current exchange rate.
The sale remains subject to the standard conditions precedent for such transactions.
After two decades of successful operations in Yantai, ICTSI said the divestment aligns with the company’s long-term strategy of concentrating on concession contracts where it maintains control over critical operational, developmental, and commercial aspects. The sale allows ICTSI to rationalize its strategic focus and reallocate resources to existing projects and new initiatives in its pipeline.
YICTL operates a port terminal in Shandong Province, People’s Republic of China. ICTSI Hong Kong Limited holds the 51 percent majority stake, while Yantai Port Holdings owns 36.5 percent, and DP World China (Yantai) Limited holds the remaining 12.5 percent.
ICTSI emphasized that the decision to divest reflects its commitment to prioritizing operations where it can exercise strategic influence and drive long-term growth, ensuring the company continues to optimize its global portfolio of port assets.
