EKR seals acquisition of 35% stake in Manila North Harbor
International Container Terminal Services Inc. has completed the purchase of Petron Corp.’s 34.83 percent interest in Manila North Harbour Port Inc. (MNHPI).
The deal, which involved the acquisition of 10.449 million MNHPI shares from Petron for P1.75 billion, gives ICTSI foothold in the country’s biggest domestic port, Manila North Harbor.
The other major shareholders of MNHPI include Petron’s mother company San Miguel Holdings Inc., which owns 43.33 percent , and the Romero family’s Harbour Centre Port Terminal Inc.
“The transaction will allow ICTSI to contribute its experience, expertise and state-of the-art technology and infrastructure to enhance the operational efficiency of the domestic terminal in the Port of Manila and improve the traffic condition in Metro Manila,” ICTSI earlier said.
MNHPI operates a 52.5-hectare multi-purpose port terminal used in handling general cargo and passenger accommodation. It services close to 4,000 vessels per year.