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2012 July 5   17:55

ICTSI gains full control of Indonesian port firm

Port operator International Container Terminal Services Inc. (ICTSI) said on Wednesday it has fully acquired Indonesian firm PT PBM Olah Rasa Andal as it forays into its second container operations in Southeast Asia’s biggest economy, Business Mirror reports.

In its disclosure to the Philippine Stocks Exchange, ICTSI said it completed the acquisition of the Indonesian company, which is engaged in loading and unloading of general goods and containers at Port of Tanjung Priok in Jakarta.

It is not yet clear what will be the setup of ICTSI’s second container operation in the Indonesian capital.

Indonesian authorities have required ICTSI to disclose every detail of its dealings with the listed company.

ICTSI’s first terminal in Indonesia, Makassar Container Terminal in South Sulawesi, is being operated in tandem with the Indonesian government.

In May, ICTSI Far East Pte. Ltd., the Singapore unit of ICTSI, acquires PT Karwell Indonesia Tbk, owned by PT Karya Estetikamulia.

Karwell, a listed firm in Indonesia Stock Exchange, earlier signed a purchase agreement with Olah Jasa Andal.

With the acquisition, ICTSI’s Singapore unit now has three companies under it, including the Muara Container Terminal in Brunei and PT Makassar Terminal Services.

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