International Container Terminal Services Inc. (ICTSI) said Wednesday it has completed the sale of its 51 percent stake in Yantai International Container Terminal Ltd. (YICTL) in China.
The company, led by Enrique Razon, sold its entire interest for about RMB 773.21 million (around P6.8 billion) to Yantai Port Holdings Company Limited. The deal was carried out through ICTSI’s subsidiary, ICTSI (Hong Kong) Ltd., which transferred 384.54 million shares at RMB 2.01 per share.
The agreement was signed on March 23 and finalized on March 31.
ICTSI said the sale aligns with its long-term strategy to focus on port projects where it has greater control over operations and development.
YICTL operates a port terminal in Shandong Province. Before the sale, ICTSI held a 51 percent stake, while Yantai Port Holdings owned 36.5 percent and DP World China (Yantai) Limited held 12.5 percent. Both ICTSI and DP World have now sold their shares, giving Yantai Port Holdings full ownership of the terminal.
Separately, ICTSI reported strong financial results, with net income rising 23 percent to US$1.05 billion last year. Revenue from port operations grew 18 percent to US$3.23 billion, while container volume increased 11 percent to 14.5 million TEUs.
