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Sep 22, 2017 @ 12:30

ICTSI acquires 34.8% stake in Manila North Harbor

International Container Terminal Services Inc. is acquiring a 34.83 percent stake in Manila North Harbor Philippines Inc.,  the country’s most modern passenger seaport terminal, for P1.75 billion.

In a stock exchange filing, ICTSI said its board of directors approved the acquisition of 10.449 million MNHPI shares from Petron Corp. at P167.48 each share.  The purchase price was determined based on mutually agreed principles of earnings.

Tthe transaction, which is subject to the approval of the the Philippine Ports Authority, would allow ICTSI to contribute its experience, expertise and state-of the-art technology and infrastructure to enhance the operational efficiency of the Manila North Harbor and improve the traffic condition in Metro Manila.

“An additional investment will be made in relation to this acquisition,” ICTSI said

MNHPI won a 25-year contract to operate and expand Manila North Harbor, the country’s oldest and busiest port,  in 2010.  The investment required to rehabilitate Manila North Harbor was pegged at P14.5 billion.

Petron acquired the shares in 2011 after Metro Pacific Investments Corp. pulled out of the joint venture with the Romero family due to control issues.

Harbour Centre Ports Terminal of the Romeros  owns 65 percent of MNHPI.  However,  San Miguel Corp. earlier claimed its group raised its stake in MNHPI  to more than 78 percent after acquiring an additional 43.44-percent interest , which  has been the subject of a tug-of-war between businessman Reghis Romero and son Mikee, who went into hiding after a local court issued an arrest warrant.

The warrant of arrest was issued after Reghis sued his estranged son for allegedly stealing funds from the family-owned HCPTI and falsifying ownership of the port facility.

Last Jan. 5, the Quezon City regional trial court ordered Mikee and his allies to stop acting as stockholder and  board member of HCPTI.

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