SIMIC

In a disclosure, the global port operator announced that it had inked a conditional share subscription and purchase agreement with Indo Port Holding Pte Ltd and Eastlog Holding Pte Ltd to buy 66.7 per cent ownership in PT East Java Development.

PT East Java holds the rights, with 47 years remaining in its concession, to operate a terminal in Lamongan Regency, East Java, Indonesia, reports the Philippines' {非本站网址}.

ICTSI is set to acquire 1 million shares at $46.5 apiece. The transaction will be paid in multiple tranches over the next year.

"The purchase will increase ICTSI's footprint within the growing [Asia-Pacific] region and provide further service offerings to its global and local customers," the listed company said.

ICTSI has operations in six continents. It operates 33 terminals across 20 countries.

Independent maritime research and consulting firm Drewry recently recognised ICTSI as one of the top global terminal operators for handling 10.1 million TEU in 2020.

Its consolidated throughput increased by 10 per cent to 11.1 million TEU in 2021 following the easing of mobility restrictions and more trading activities, ICTSI reported.

In the first quarter, the port operator's consolidated volume climbed by 5 per cent to 2.83 million TEU from 2.71 million TEU a year ago.

It has set aside $330 million in capital expenditures for its expansion plans this year.