Philippine port operator International Container Terminal Services, Inc. (ICTSI) has gained control over Hijo International Port Services, Inc. (HIPS), a private terminal in the Gulf of Davao.
ICTSI’s wholly-owned subsidiary Abbotsford Holdings, Inc (AHI) recently acquired subscription rights to 40 million common shares in HIPS, a joint venture company with Hijo Resources Corp. (HRC), ICTSI said in a statement.
The acquisition brings AHI’s ownership in HIPS to 162,500,000 shares, representing 65% of the outstanding capital stock of HIPS.
HIPS owns Hijo International Port, a private commercial port in Barangay Madaum, Tagum, Davao del Norte in the Gulf of Davao. The port sits within a reclaimed land of 10.3 hectares. It has two berths, 127 meters long and 150m long, and two cargo sheds located in the wharf area as well as various terminal support facilities. It handles approximately 300,000 metric tons of mostly banana volumes annually.
Under the management of ICTSI, HIPS will develop and upgrade the port’s capacity and facilities to handle containerized cargo, especially banana in refrigerated containers.
HRC is a diversified group involved in leisure and tourism, agribusiness, property development and port operations. Established in 1959, it is one of the pioneers in the cultivation and exportation of Cavendish bananas to Japan.
HIPS is ICTSI’s second port in Davao. It already controls the cargo handling operations at Davao’s premiere gateway, Sasa Wharf, through subsidiary Davao Integrated Port Services and Stevedoring Corp. (DIPSSCOR).
DIPSSCOR’s contract for Sasa Wharf is due to expire in 2016.
Photo from www.ictsi.com/cgi-bin/news/newsDetails.php?id=1985&m=1
