ICTSI unit completes acquisition of additional 10% stake in Congo terminal

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Port operator LISTED International Container Terminal Services, Inc. (ICTSI) announced on Wednesday that its unit, ICTSI Africa BV, has completed the acquisition of an additional 10% stake in International Container Terminal Services, Inc. – DR Congo (IDRC).

The transaction took place on May 25, ICTSI said in a disclosure to the exchange.

“The 10% was acquired from another shareholder, La Société d’Investissement et de Placement SARL,” said the company.

The acquisition increased ICTSI Africa’s stake in CRDI from 52% to 62%.

IDRC is in Matadi, Democratic Republic of the Congo.

ICTSI recently announced its intention to spend approximately $ 250 million this year, primarily for its ongoing and new expansion projects, equipment acquisitions and upgrades, and maintenance needs.

The company said it has a yard expansion project at IDRC.

ICTSI’s capital expenditure for 2020, excluding capitalized borrowing costs, reached $ 198.7 million, exceeding the reduced capital budget by $ 160 million.

The company recorded a 51% increase in its attributable net income for the first three months of the year, due to improvements to its terminals and “significant” contributions from new lines and maritime services.

ICTSI’s net profit attributable to shareholders for the first quarter was $ 90.1 million, compared to $ 59.6 million for the same period in 2020. – Arjay L. Balinbin

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