International Container Terminal Services Inc. (ICTSI) is acquiring a majority stake in an Indonesian port as the operator with a facility in East Java.
The Philippines-based firm is buying a majority stake in PT East Java Development from Indo Port Holding Pte Ltd. and Eastlog Holding Pte Ltd. PT East Java Development has the concession rights, with 47 years remaining, to operate a multi-purpose terminal located in Lamongan Regency, East Java, Indonesia.
ICTSI is buying a 66.7% stake in the multipurpose port for $46.5m, the company announced in a filing to Securities and Exchange Commission.
The deal was inked was on 27 July.
“The purchase will increase ICTSI’s footprint in the growing Asia Pacific region and provide further service offerings to its global and local customer,” said ICTSI.
