ICTSI unit to sell 51% stake in China terminal for P6.77 billion
RAZON-LED International Container Terminal Services, Inc. (ICTSI) said its unit is divesting its stake in Yantai International Container Terminals Ltd. (YICTL) for 773.21 million renminbi, or about P6.77 billion.
In a regulatory filing on Monday, ICTSI said its wholly owned subsidiary, ICTSI Hong Kong Ltd., had signed an agreement with Yantai Port Holdings Co. Ltd. for the sale of its 51% equity interest in YICTL.
YICTL is a joint venture in which ICTSI Hong Kong holds a 51% majority stake. The company operates and manages a port terminal in Shandong province, China.
The remaining ownership in YICTL is held by Yantai Port Holdings at 36.5% and DP World China Ltd. at 12.5%.
ICTSI said DP World China has also entered into an equity interest transfer agreement covering its stake, adding that upon completion of the transaction, Yantai Port Holdings will own 100% of YICTL.
ICTSI said the sale of YICTL aligns with its long-term strategy of focusing on concession contracts where it has control over key aspects of the business, particularly long-term development and commercial activities.
The company said it is rationalizing its portfolio and reallocating resources to existing projects and those in the pipeline.
ICTSI reported a 23% increase in attributable net income for 2025 to $1.05 billion, driven by higher cargo volumes across its port operations.
Gross revenue rose 17.88% to $3.23 billion in 2025 from $2.74 billion a year earlier.
For 2026, ICTSI has set aside an estimated $740 million, primarily for expansion, equipment acquisition, and upgrades.
ICTSI is a global port operator with operations in 20 countries across Asia, the Americas, Europe, the Middle East, and Africa.
At the local bourse on Monday, shares in ICTSI fell by P2, or 0.29%, to close at P698 each. — Ashley Erika O. Jose
