ICTSI’s 30-year deal with AGCT’s parent company Luka Rijeka was based on ICTSI buying a 51% share of AGCT for €15m and a joint plan to invest over €70m into the terminal. However, it is just the beginning for ICTSI’s plans to reach further into eastern Europe.
It is part of ICTSI’s stated aim is to stretch into areas such as Hungary, the Czech Republic, Slovakia, southern Poland, Serbia and Bosnia and Herzegovinia.
ICTSI certainly has the pocket power. The company reported an increase of 25% over last year for its port operation profits, with the net income attributable to equity holders actually rising by 79% to over US$98m due to the sale of non-core assets.