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Article: ABOITIZ SELLS CARGO-HANDLING UNIT

Article from:
The Manila Times
Article date:
January 3, 2007
Author:
Copyright

AFTER selling its passenger ferries, Aboitiz Transport System Corp. (ATSC) is disposing of its cargo-handling unit.

International Container Terminal Services Inc. (ICTSI) said it bought a 90.7-percent stake in Davao Integrated Port and Stevedoring Services Corp. (DIPS-SCOR), an ATSC subsidiary.

The controlling stake in DIPSSCOR was bought for P337.53 million through Abbots-ford Holdings Inc., an ICTSI unit established for investments in the Philippines.

The transaction is subject to the approval of the Philippine Ports Authority (PPA).

Enrique K. Razon Jr., ICTSI chairman and chief executive officer, said that the acquisition is in line with the company's thrust of expanding its ...

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