International Container Terminal Services Inc., the global port operations of tycoon Enrique Razon Jr., said Monday it fully divested from its Indonesia-listed subsidiary PT ICTSI Jasa Prima Tbk for USD2 million.
ICSTI owns 470.8 million shares or 80.19 percent of Jasa Prima through ICTSI Far East Pte.
Jasa Prima owns PT PBM Olah Jasa Andal, that in turn has an equipment supply cooperation agreement with PT Pelabuhan Indonesia II at the Port of Tanjung Priok in Jakarta, Indonesia.
The current 15-year equipment supply cooperation agreement of PT PBM Olah Jasa Andal with PT Pelabuhan Indonesia II was signed on 5 June 2013.
With the sale of PT ICTSI Jasa Prima Tbk, ICTSI is able to rationalize operations and redirect its resources in Indonesia.
In addition, ICTSI deems the sale of Jasa Prima in keeping with the ICTSI Group’s overall strategy of focusing on full concession contracts where ICTSI controls all aspects of the business, including regulatory and commercial activities. The change in ownership also needs to meet requirements set by the Indonesia Stock Exchange.
