International Container Terminal Services Inc.—controlled by billionaire Enrique Razon, Jr.—is expanding its global footprint in Indonesia with the proposed acquisition of a controlling interest in a port in Southeast Asia’s largest economy.
—is expanding its global footprint in Indonesia with the proposed acquisition of a controlling interest in a port in Southeast Asia’s largest economy.
ICTSI is buying a 66.7% stake in a multipurpose port in East Java’s Lamongan Regency, about 790 kilometers east of Jakarta, for $46.5 million, the Philippine-listed company said Wednesday in a regulatory. “The purchase will increase ICTSI’s footprint in the growing Asia Pacific region and provide further service offerings to its global and local customer,” it said.
The acquisition will be ICTSI’s third investment in Indonesia. It also operates PT Makassar Terminal Service—a container terminal in southern Sulawesi that provides domestic and international shipping connections—and the Port of Tanjong Priok in northern Jakarta, according to its website. ICTSI has been expanding its cargo handling capacity at its terminals around the world as global trade recovered to pre-pandemic levels last year. Its flagship port in Manila is undertaking a 15 billion peso that will enable the terminal to handle mega ships that carry up to 18,000 twenty-foot equivalent units of containers.
Razon, 62, has been expanding the port business—which was started by his grandfather—globally. ICTSI, which has subsidiaries across the Asia Pacific, the Middle East, Eastern Europe and the Americas, posted a 58% jump in net profit to $142.3 million in the first quarter after quadrupling to an all-time high of $428.6 million in 2021, bolstered by higher shipping volumes and rates. With a net worth of $5.8 billion, Razon also has interests in casinos, water utilities and renewable energy.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Newen Studios Acquires Majority Stake In ‘Icarus’ & ‘All That Breathes’ Producer Rise Films To Expand UK FootprintEXCLUSIVE: Acquisitive French media giant Newen Studios has expanded its UK footprint with the purchase of a majority stake in Rise Films, the Oscar-winning producer of Netflix’s Icarus and A…
Read more »
Apple and Google come under scrutiny for scammy crypto appsPhony trading and investment apps have stolen millions.
Read more »
Astros drop second in a row at OaklandChad Pinder hits grand slam off Luis Garcia to give A's the victory
Read more »
Athletics Stun AL West-Leading Astros for First Series Sweep of SeasonThe A’s completed the series sweep over the AL West-leading Astros on Wednesday.
Read more »
Diner discovers 100-million-year-old dinosaur footprints at restaurant in ChinaPaleontologists went to the restaurant and used a 3D scanner to confirm that it was the tracks of two brontosauruses from the early Cretaceous period.
Read more »
Biden administration to tap into $1T infrastructure package to extend high-speed internet accessThe Biden administration on Thursday is expected to announce a $400 million program to expand high-speed internet access in rural areas.
Read more »