Listed global port operator International Container Terminal Services Inc. (ICTSI) has canceled its agreement to operate the Muara Container Terminal in Brunei effective Feb. 21, 2017.
The port operator led by magnate Enrique Razon said state-owned Darusalam Assets Sdn Bhd will take over the Muara Port operations from the Port Department as part of the Brunei government’s ongoing overall restructuring.
It noted that plans for Muara Port consider its integration with the development of a special economic zone, which is “not ICTSI’s core competency and will require huge investments on the part of NMCTS. “
“As part of ICTSI parent company’s efforts at rationalizing its portfolio to achieve the best possible sources of long term growth and return for its shareholders, ICTSI, through NMCTS, is no longer interested in signing a new contract with the State Owned Enterprise Darusalam Assets Sdn Bhd,” ICTSI said.