Philippine-listed International Container Terminal Services Inc (ICTSI) is acquiring Petron Corporation’s entire interest of 10.449 million shares in Manila North Harbor Philippines Inc (MNHPI) for about $34.3 million (P1.75 billion).
The local oil refining and mining company’ shares represent 34.83 per cent of MHPI’s outstanding shares which were sold at P167.48 apiece.
MNHPI is engaged in domestic port terminal business at the Manila North Harbor under contract with the Philippine Ports Authority.
ICTSI, however, is located at the city’s south harbor at the Manila International Container Terminal or MICT. It is engaged in acquiring, developing, managing and operating container ports and terminals worldwide.
“The transaction will allow ICTSI to contribute its experience, expertise and state-of the-art technology and infrastructure to enhance the operational efficiency of the domestic terminal in the Port of Manila and improve the traffic condition in Metro Manila,” ICTSI said in its statement.
The deal remains subject to several conditions such as the approval of the acquisition by the Philippine Ports Authority.
ICTSI and Petron last traded at P105.60 and P10.30 per share on Thursday, respectively.