Port operator International Container Terminal Services Inc. has acquired a controlling stake in South Cotabato Integrated Port Services Inc. at Manila.
In a disclosure to the Philippine Stock Exchange, ICTSI said it bought the 71,845 shares owned by Cordillera Properties Holdings Inc. in SCIPSI for P250,000. Also part of the deal is ICTSI's assumption of Cordillera's obligations amounting to P18.03 million. With the purchase, ICTSI now owns 50.08 percent interest in SCIPSI. SCIPSI provides stevedoring and cargo handling services at the Makar Wharf in the Port of General Santos in General Santos City, South Cotabato in the far south of the Philippines. It is the integration of the seven former cargo-handling contractors at the Port of General Santos City namely Dadiangas Arrastre Services Inc., Delas Marias Brokerage Inc., General Santos Terminal Co., Matutum Arrastre and Stevedoring Corp., Matutum Terminal Brokerage Inc., Southern Mindanao Services Co. and Velayo Brokerage Inc.
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