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ICTSI increases stake in Manila North Harbor Port to 51%

In a Stock Exchange announcement, the Philippines-based GTO says it has acquired Harbor Centre Port Terminal, Inc’s 15.2% stake in Manila North Harbor Port for US$16.9M

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“The transaction allows us to bring our operating experience, know-how and equipment to improve the operational efficiency of the national terminal in the port of Manila," said ICTSI, adding that the purchase is subject to approval by the Philippines Ports Authority and the Philippine Competition commission (CFP).

 

In September last year Petron Corp sold its 34.8% stake in MNHP to ICTSI for US$33.4M. With the new acquisition of Harbor Centre Port Terminal’s shares, it assumes control of the company.

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