ICTSI offloads Yantai majority stake in $113.9m deal

The company aims to redirect resources to existing terminals.

The International Container Terminal Services Inc. (ICTSI), through its subsidiary ICTSI (Hong Kong), divested 51% equity in its Chinese subsidiary, Yantai International Container Terminal Ltd. (YICTL), for $113.9m (PHP6.8b).

The company sold its unit to Yantai Port Holdings Co., Ltd., to focus on concessions where it maintains control over critical aspects of the business.

It also aims to redirect resources to existing terminals and projects on the pipeline, especially as it is working to expand this year.

The remaining equity in YICTL was held by Yantai Port Holdings (36.5%) and DP World China (Yantai) (12.5%).