A subsidiary of International Container Terminal Services, Inc. (ICTSI) is changing hands, after the port operator and its partners forged a preliminary deal to sell all their stake in the unit concerned, ICTSI said in a disclosure recently.
ICTSI said its “subsidiary, Cebu International Container Terminal, Inc. (CICTI), is the subject of a sale and purchase agreement executed Nov. 28 by ICTSI and CICTI’s other shareholders as sellers…” and CARPDC and HKL as buyers.
Sought for comment, ICTSI Vice-President and Treasurer Rafael J. Consing, Jr. said the sale “is covered by confidentiality agreement” until it is concluded.