ICTSI unit sells port operator Hipsi to HRC for P325M

INTERNATIONAL Container Terminal Services Inc.'s (ICTSI) subsidiary, Abbotsford Holdings Inc. (AHI), announced it has sold its 65-percent stake in Hijo International Port Services Inc. (Hipsi) to Hijo Resources Corp. (HRC).

In a disclosure, ICTSI confirmed that AHI sold to HRC a total of 162,500 shares of the Hipsi shares for a total consideration of P325 million at P2,000 per share under the share purchase agreement earlier executed by the two parties. The reason for the sale was that the expected market for Hipsi did not materialize.