In a disclosure, Philippines’ ICTSI said its subsidiary ICSTI Far East has amassed an 80 percent stake in Karwell Indonesia.
ICTSI Far East yesterday bought over 312 million shares in Karya Estetikamulia, the controlling shareholder of Karwell, for some US$2.5 million. This gave the ICTSI unit an initial 53.23 percent stake in the garment maker.
"In addition to the acquisition on May 3, ICTSI Far East also executed the purchase of 157,172,500 shares of Karwell or equivalent to 26.77 percent that are owned by several parties from the public shares," the disclosure read further.
ICTSI Far East also owns New Muara Container Terminal Services, which operates the Muara Container Terminal in Brunei, and Makassar Terminal Services, which operates container-handling equipment at the Makassar Container Terminal in South Sulawesi.
The acquisition follows the purchase by ICTSI Mauritius of a 35 percent stake in Pakistan International Container Terminal. (PICT).
PICT, which is located at Karachi port, has a maximum handling capacity of 750,000 TEUs.
ICTSI chairman and chief executive Enrique Razon, said last month that the company is also looking to acquire more port concessions in Africa, Middle East, and Latin America.
As of 2011, ICTSI is involved in 22 terminal operating concessions and port development projects in 17 countries worldwide. Of these projects, six are located in the Philippines.
The company has programmed $550 million in capital spending for this year, more than double last year's $228 million.The bulk of which or $345 million will be spent "for greenfield projects in Argentina, Mexico, and Columbia".