Philippines: ICTSI gets Petron stake in Manila North Harbor for $34.3m

Visual from ICTSI's website.

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.