The operator apparently revealed its intention to divest 250 million common shares in Cebu International Container terminal (CICTI) in a disclosure to the Philippine Stock Exchange (PSE).
ICTSI’s shares were sold off, along with those of its shareholders, to Cebu Asian Rim Property and Development Corp and Hong Kong Land (Philippines) BV.
ICTSI, which owned 51% of CICTI, has yet to come back to Port Strategy with a full comment on its strategy behind the divestment.
But a spokesperson said to PS: “CICTI is actually non-operational, and the sale only involves a track of land.”
CICTI is understood to have been the registered owner of a parcel of land of about 200,000 square metres in Mandaue City.