ICTSI TO BUY PETRON’S STAKE IN MANILA NORTH HARBOR

LISTED port ope ra to r International Container Terminal Services Inc. (ICTSI) announced on Friday that it was acquiring a 34.83 percent stake held by Petron Corporation in Manila North Harbor Philippines Inc. ( MNHPI) for P1.75 billion.

According to ICTSI, it has signed Petron for the acquisition of 10.4 - nal business at the Manila North

“The transaction will allow - the- art technology and infrastructure to enhance the domestic terminal in the Port of ICTSI said in a disclosure to the

“This transaction will further - holders through this value-accretive

ICTSI noted there will be additional investment to be made in relation to the said acquisition.

- mined based on mutually agreed date of the transaction which is on October 30, 2017.

- chase agreement remains subject to several conditions, one of which by the PPA, according to ICTSI.

share on Friday

PHOTO FROM MNHPORT.COM.PH MNHPI, in its website, says it is investing heavily in the modernization and development of its facilties to provide superior passenger and cargo-handling services.