Cargo Business Newswire

Wednesday, May 21, 2014

ICTSI Hong Kong acquires 51 percent of DP World Yantai

Philippine port operator International Container Terminal Services Inc. is consolidating operations in China, according to a company disclosure to the Philippine stock exchange this week.

In the filing, ICTSI said the Ministry of Commerce in the Shandong Province of China has given approval for its subsidiary ICTSI Hong Kong to acquire 51 percent of DP World Yantai Company Limited, to be renamed Yantai International Container Terminals.

DP World China Yantai will retain a 12.5 percent equity stake in YICT. Yantai Port Holdings will own the remaining 36.5 percent equity interest.

ICTSI has also received approval to sell its 60 percent equity interest in Yantai Rising Dragon International Container Terminals to Yantai Port Holdings, which will become the 100 percent owner and use the facilities for local container cargo.

"The objective of these transactions is to consolidate and optimize the overall port operations within the Zhifu Bay Port area in Yantai, China," ICTSI said.

For more of the ABN-CBN News story: abs-cbnnews.com