ICTSI takes over Indonesian port

Manila-headquartered International Container Terminal Services Inc (ICTSI) is acquiring a majority stake in an Indonesian multipurpose terminal operator for $46.5m.

ICTSI has reached a deal with Indo Port Holding and Eastlog Holding to buy a 66.7% stake in PT East Java Development, which holds the rights, with 47 years remaining in its concession, to operate a terminal in Lamongan Regency, East Java.

ICTSI has operations in six continents. It operates 33 terminals across 20 countries.