Philippines Company Takes Over Lamongan Port

Philippines-based port operator International Container Terminal Services Inc (ICTSI) becomes a controlling shareholder in PT East Java Development which operates a multipurpose port in Lamongan Regency, East Java. ICTSI purchased 66.7 percent of the shares previously owned by Indo Port Holding Pte Ltd and Eastlog Holding Pte Ltd for US$46.5 million.

Through a written statement, ICTSI management revealed that the East Java Development concession right would still be valid for 47 years. Funds for the purchase will be paid in cash in some stages starting in 2023. "The share purchase will increase ICTSI's footprint in the Asia Pacific and provide further service offerings to its global customers," the statement reads.