International Container Terminal Services Inc (ICTSI) has announced that it has acquired a dominant stake in Hijo International Port Services Inc (HIPS), which operates a private commercial port in Davao del Norte in the Philippines.
ICTSI reported that its wholly-owned subsidiary Abbotsford Holdings Inc acquired subscription rights to 40m of HIPS common shares, which gave the company an overall controlling stake of 65 per cent of the outstanding capital stock, Manila Standard Today reported.
Hijo International Port sits on roughly 10.3ha and has two cargo sheds located in the wharf area as well as various terminal support facilities. The port currently handles approximately 300,000 tonnes each year of mostly banana volumes.
HIPS, under the management of ICTSI, will now develop and upgrade the facilities and capacity of the port to handle temperature controlled container cargo.
