LISTED port operator International Container Terminal Services, Inc. (ICTSI) announced on Wednesday that its unit, ICTSI Africa B.V., has concluded the acquisition of an additional 10% stake in International Container Terminal Services, Inc. – DR Congo (IDRC).
The transaction took place on May 25, ICTSI said in a disclosure to the stock exchange.
“The 10% was acquired from another shareholder, La Societe D’Investissement et de Placement SARL,” the company said.
The acquisition increased ICTSI Africa’s ownership of IDRC from 52% to 62%.
IDRC is in Matadi, Democratic Republic of Congo.
ICTSI announced recently that it targets to spend about $250 million this year, mainly on its ongoing and new expansion projects, equipment acquisitions and upgrades, and maintenance requirements.
The company said it has a yard expansion project at IDRC.
ICTSI’s 2020 capital expenditures, excluding capitalized borrowing costs, reached $198.7 million, exceeding the reduced capex budget of $160 million.
The company saw a 51% increase in its attributable net income for the first three months of the year, owing to the improvements in its terminals and “significant” contributions from new shipping lines and services.
ICTSI’s net income attributable to equity holders for the first quarter reached $90.1 million, up from $59.6 million in the same period in 2020. — Arjay L. Balinbin
