Global port operator International Container Terminal Services, Inc. (ICTSI) has bought all shares of a port operator in Mexico for US$54.5 million.
In a disclosure to the Philippine Stock Exchange, ICTSI said it acquired 100% ownership of the capital stocks of Terminal Maritima de Tuxpan, S.A. de C.V. (TMT) from Grupo TMM, S.A.B. (TMM) and Inmobiliaria TMM, S.A. de C.V. (ITMM) on May 27.
TMT has a concession to construct and operate a maritime container terminal in the Port of Tuxpan, Mexico, and owns the property where the maritime container terminal will be constructed.
TMM owns 99.99% of the stocks and the remaining 0.01% belongs to ITMM. Both are incorporated according to the laws of Mexico.
TMT occupies an area measuring 87,000 square meters which includes bonded and unbonded warehouses for managing, supervising, and storing merchandise for foreign trade.
In addition, TMT has more than 700 hectares of land at the Port of Tuxpan that is up for development with a waterfront of about 1,250 meters.
ICTSI said the sale will be closed once an antitrust approval is issued and the concession agreement is amended.
“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,” ICTSI said.
The port operator added that “the project is expected to increase ICTSI’s consolidated throughput and revenue and positively contribute to the financial performance of the company.”
ICTSI, through Contecon Manzanillo S.A., already operates a terminal in Manzanillo, Mexico. In an earlier press release, the port operator said part of the capital spent in the first quarter of 2015 was mainly for completing developments at new container terminals in Mexico.
ICTSI is currently involved in 29 terminal concessions and port development projects in 20 countries worldwide, which include 24 operating terminals in eight key ports; inland container terminals; four ongoing port development projects in Colombia, Argentina, Australia and DR Congo; and a sub-concession agreement to develop, manage, and operate a port in Nigeria.
