ICTSI unit acquires new property for terminal project in Brazil

This will expand the company’s operations in the country.

The Philippines' International Container Terminal Services, Inc. (ICTSI), through its wholly owned subsidiary ICTSI Americas B.V., has acquired a 47% interest in FII Inhaúma to support its expansion in Brazil.

In a bourse filing, the company said FII Inhaúma has perpetual rights in a property where ICTSI plans to develop the Private Use Terminal (TUP). The 32-hectare property has an inactive shipyard called Estaleiro Inhaúma, adjacent to ICTSI’s RIO Brazil terminal.

ICTSI RIO Brazil will utilise the property to expand its current operational capacity.

“The acquisition of this property represents an investment opportunity for ICTSI for the development of the area and, thus, potential expansion of the total operational and logistics capacity of the port region of Rio de Janeiro,” the company said.

ICTSI  said it has acquired all relevant corporate and regulatory approvals for the transaction. 

The total consideration, which is less than 10% of ICTSI's total consolidated shareholders' equity as of December 31, 2024, was negotiated and paid in cash. The transaction is not deemed to have a material impact on the company’s financials in the immediate future, it added.