MANILA's global port operator International Container Terminal Services Inc (ICTSI) has acquired Mexican port operator Terminal Maritima de Tuxpan (TMT) for US$54.5 million, the company announced.
The acquisition is in line with the ICTSI's policy of business expansion and increasing its global footprint, according to ICTSI's filing to the Singapore Exchange (SGX), reports IHS Maritime 360.
"The rationale for the transaction is to continue to expand the business and diversify geographically, and to support, participate in, and benefit from, the positive economic development in Mexico," said ICTSI in its statement to SGX.
ICTSI is acquiring 100 per cent stake in TMT with a total of 147,688 shares at $369.02 per share. The investment is expected to increase ICTSI's consolidated throughput and revenue and positively contribute to financial performance.
ICTSI posted a three per cent year-on-year first quarter net profit increase to $54 million drawn on revenues on $296.1 million, up 19 per cent.
During the period, the company handled consolidated volume of 1,982,773 TEU for the first quarter in 2015, 13 per cent more than the 1,757,095 TEU handled in the first quarter in 2014.
The increase in volume was mainly due to the improvement in international and domestic trade in most of the ICTSI's terminals, new shipping lines and services, continuing volume ramp-up in the company's terminal operations in Mexico and Honduras, favourable impact of terminal consolidation at Yantai, China, and the contribution of the ICTSI's new terminal in Basra, Iraq, which began commercial operations in November 2014.
PORTS
02 June 2015 - 00:40
Manila's ICTSI buys Mexican port operator for $54.5 million
MANILA's global port operator International Container Terminal Services Inc (ICTSI) has acquired Mexican port operator Terminal Maritima de Tuxpan (TMT) for US$54.5 million, the company announced.
PORTS
02 June 2015 - 00:40
Manila's ICTSI buys Mexican port operator for $54.5 million
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