Commission Decision No. 09-M-034/2019:
In the Matter of the Proposed Acquisition by International Container Terminal Services, Inc.
of Shares in the Manila North Harbour Port, Inc.

[MAO Case No. M-2018-034]

ABSTRACT:

The proposed transaction is the acquisition by International Container Terminal Services, Inc. (ICTSI) of 4,550,000 shares owned by Harbour Centre Port Terminal, Inc. (HCPTI) in Manila North Harbour Port, Inc. (MNHPI), for the agreed purchase price of P910 Million Pesos. ICTSI currently owns 34.83% of the outstanding capital stock of Manila North Harbour Port, Inc. (MNHPI). Provided closing occurs in accordance with the parties’ agreement, ICTSI shall own 50% of the outstanding capital stock of MNHPI as a result of the proposed transaction. Following closing on the proposed transaction, the other 50% shares in MNHPI are owned by San Miguel Holdings Corporation (43.33%), IZ Investment Holdings, Inc. (6.50%), and Petron Corporation (0.17%).

ICTSI is a global port management company and is the operator of the Manila International Container Terminal (MICT) which handles international container cargoes. Through its local subsidiaries, ICTSI also operates ports in Laguna, Olongapo, Batangas, Davao, Cagayan de Oro and South Cotabato in the Philippines, as well as in Australia, Ecuador, Honduras, Colombia, Mexico, Brazil Poland, Pakistan, Madagascar, Croatia, Georgia, Indonesia and Papua New Guinea, among others.

MNHPI operates the Manila North Harbor, handling domestic containerized and breakbulk cargo, under a 25-year concession granted by the Philippine Ports Authority.