ICTSI completes sale of China terminal stake

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) said its unit has completed the sale of its stake in Yantai International Container Terminals Ltd. (YICTL).

In a statement on Wednesday, ICTSI said its wholly owned subsidiary, ICTSI Hong Kong Ltd., confirmed on April 6 that the parties completed the transaction on March 31.

Last month, ICTSI said its unit signed an agreement with Yantai Port Holdings Co. Ltd. for the sale of its 51% equity interest in YICTL for 773.21 million renminbi, or about P6.77 billion.

YICTL is a joint venture in which ICTSI Hong Kong held a 51% majority stake. The company operates a port terminal in Shandong province, China.

The remaining ownership in YICTL was held by Yantai Port Holdings at 36.5% and DP World China Ltd. at 12.5%.

ICTSI said DP World China also entered into an equity interest transfer agreement covering its stake, adding that upon completion of the transaction, Yantai Port Holdings will own 100% of YICTL.

“After a successful 20 years in Yantai, ICTSI deems the sale of YICTL in keeping with the ICTSI Group’s long-term strategy of focusing on concession contracts where ICTSI has control over critical aspects of the business, particularly with regards to long-term development and commercial activities, among others,” ICTSI said.

The company said it is rationalizing its portfolio and reallocating resources to existing projects and those in the pipeline.

ICTSI reported a 23% increase in attributable net income for 2025 to $1.05 billion, driven by higher cargo volumes across its port operations.

Gross revenue rose 17.88% to $3.23 billion in 2025 from $2.74 billion a year earlier.

For 2026, ICTSI has set aside an estimated $740 million, primarily for expansion, equipment acquisition, and upgrades.

Shares in ICTSI rose by P15, or 2.08%, to close at P735 each on Wednesday. — Ashley Erika O. Jose