Philippine terminal operator International Container Terminal Services Inc. (ICTSI) has agreed to acquire 100% of TLG Acquisition Holdings (RF) Proprietary Limited, adding port and cargo-handling operations in South Africa, Mozambique and Namibia, according to an August 28 filing by ICTSI with the Philippine Stock Exchange.
The sellers are AIIF4 General Partner Proprietary Limited and IDEAS Infrastructure II GP Proprietary Limited, which together own 74% of TLG, and Mokobela Shataki Proprietary Limited, which holds the remaining 26%. The purchase price was not disclosed.
Completion remains subject to conditions precedent, including regulatory approvals.
TLG provides integrated port and cargo-handling services for bulk commodities and agricultural products. Its activities extend across breakbulk, containers, specialised cargo, liquid bulk, cold chain, warehousing, private port berths, rail-linked logistics and stevedoring. Its network includes the Saldanha Dry Bulk Terminal in South Africa and pit-to-port bulk logistics on the Maputo corridor in Mozambique.
Through wholly owned subsidiaries, TLG holds a 97.33% effective economic interest in its underlying businesses, while members of management hold the remaining 2.67%. The acquisition would deepen ICTSI’s southern African footprint months after the group began operating Durban Container Terminal Pier 2 on January 1, 2026 under a 25-year partnership with Transnet.
Transnet retains the majority interest in the partnership vehicle, while ICTSI operates the terminal.
ICTSI handled 8.12m TEU in the first half of 2026, up 16%. Port operations revenue increased 27% to $1.92bn, EBITDA rose 24% to $1.23bn and net income attributable to equity holders climbed 22% to $589.98m. Recurring net income increased 25% to $604.69m.
ICTSI was established in the Philippines in 1987 and is headquartered in Manila. It develops, manages and operates port terminals in 19 countries across six continents and has around 11,000 employees.
TLG traces its South African port-terminal operations to the 1980s and came under the control of funds managed by African Infrastructure Investment Managers (AIIM) and the Mokobela-Shataki consortium in 2022.
AIIF4 General Partner Proprietary Limited and IDEAS Infrastructure II GP Proprietary Limited are proprietary limited entities through which AIIM participates in the TLG investment.