ICTSI buys out partner In Melbourne venture


International Container Terminal Services Inc.’s (ICTSI) Far East Pte. Ltd. acquired Anglo Ports Pty Ltd.’s 10 percent share in Victoria International Container Terminal Ltd. (VICT) in Melbourne, Victoria, Australia.

In a disclosure to the Philippine Stocks Exchange (PSE) on Wednesday, the company said that a share sale agreement between ICTSI Far East Pte. Ltd. and Anglo Ports Pty Limited for the acquisition of 10 percent of the shares in VICT became effective today.

“As a result of such sale, ICTSI Far East Pte. Ltd., a wholly owned indirect subsidiary of ICTSI based in Singapore, increased its stake from 90 percent to 100 percent of VICT,” the company said.

With a price per share of 750,000 Australian dollars, VICT signed on May 2, 2014 an agreement with the Port of Melbourne Corp. for the design, construction, commissioning, operation, maintenance and financing of the Port of Melbourne’s new international container terminal and empty container park at Webb Dock.

The contract grants VICT the rights to design, build and operate the new terminal at Webb Dock and design, build and operate the new, on-port Empty Container Park at Webb Dock East.


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