RAZON-LED International Container Terminal Services Inc. (ICTSI) on Wednesday said that it had taken majority control of a Brazilian fund with rights to an inactive shipyard as part of plans to expand port operations in that country.
In a disclosure to the Philippine Stock Exchange, the company said that through wholly owned subsidiary, ICTSI Americas B.V., it acquired an additional 26-percent interest in Brazilian real estate investment fund FII Inhauma, or Inhaúma Fundo de Investimento Imobiliário-FII, increasing its ownership to a controlling 73 percent.
The fund holds perpetual rights to a 32-hectare inactive shipyard known as Estaleiro Inhauma, located in the Caju district in Rio de Janeiro and adjacent to ICTSI’s RIO Brazil terminal.
ICTSI said the property would be used in the near future by ICTSI RIO Brazil as additional capacity for its existing operations. It represents an investment opportunity for the development of the area and potential expansion of the total operational and logistics capacity of the port region of Rio de Janeiro, it added.
The company also said that for the first quarter of 2025, capital expenditures (capex), excluding capitalized borrowing costs, amounted to $133.22 million.
The capex was mainly used for ongoing expansions at Contecon Manzanillo S.A. (CMSA) in Mexico, certain Philippine terminals and ICTSI DR Congo S.A. (IDRC) in the Democratic Republic of the Congo; as well as equipment acquisitions and upgrades at certain terminals.
For the full year, the international port operator said capex would amount to $580 million, to be utilized mainly for the continued development of a new project in Batangas, Philippines; CMSA’s Phase 3B expansion; the expansions of the Manila International Container Terminal and IDRC; new expansion projects at ICTSI Rio, Brazil and the Mindanao Container Terminal; various other equipment acquisitions and upgrades; and maintenance.
ICTSI shares went up by P30.60, or 6.91 percent, to close at P473.00 apiece on Wednesday, outperforming a 1.68-percent rise for the benchmark Philippine Stock Exchange index.
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