Singapore-based ICTSI Far East's Indonesian subsidiary, Karwell, has acquired a 100 per cent stake in Indonesian port operator and developer PBM Olah Rasa Andal, further cementing its control over the Adipurusa container terminal in Jakarta's Tanjung Priok port, reported Business Times Singapore.
PBM Olah Rasa Andal operates piers 300 to 303 at the Tanjung Priok port.
"ICTSI Far East has completed the acquisition of 100 per cent of the equity interest of PBM Olah Jasa Andal, with the execution of deed of sale and purchase," Manila-based International Container Terminal Services Inc (ICTSI) said.
Earlier, Karwell had entered into a joint-venture agreement with PBM Adipurusa, a private port operator, for the purpose of taking "over the operation and management of the Adipurusa terminal at the Port of Tanjung Priok".
As part of the agreement, Karwell will rent out six of its gantry cranes to support PBM Adipurusa's loading and unloading operations at Tanjung Priok port.
Apart from the Adipurusa container terminal, ICTSI Far East also manages and operates the Makassar Container Terminal in South Sulawesi, Indonesia and the Muara Container Terminal in Brunei.
ICTSI Far East is a wholly owned subsidiary of Manila listed ICTSI, a leading international container terminal manager and operator. It operates ports in the United States, Europe, Asia, Middle East and South and Central America.
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