Port giant International Container Terminal Services Inc. (ICTSI) hopes to expand its reach even more by setting up a unit in South Africa to handle new assets on the continent.
ICTSI in a disclosure earlier this week said the newly established ICTSI Africa (Pty) Ltd. would be its vehicle for expanding in the region.
The new subsidiary will be registered in Cape Town, South Africa, with “developing and managing port terminal assets in the African region” being its main purpose.
The Manila-based firm already has a presence in Africa as operator of the Madagascar International Container Terminal on the island’s Toamasina province.
But the company has yet to sign a deal that will give it a foothold on the African mainland.
“This endeavor is to further strengthen ICTSI’s globally diverse presence,” the company told the Philippine Stock Exchange.
ICTSI has been aggressively expanding its portfolio of ports, which includes operations in several continents, since the start of the year.
Apart from Manila, the country has regional offices in Hong Kong, Jakarta, Miami, Sydney, Dubai and Ghana, allowing the company to respond quickly to investment opportunities.
This is in line with the company’s active program to acquire new terminal concessions in Asia, Australia, the Indian subcontinent, the Middle East, Africa, Europe and North and South America.
This week, ICTSI chairman Enrique Razon Jr. announced the company’s plans to acquire two major port assets in Greece, taking advantage of Athen’s need to stay solvent by selling key state assets.
Since the start of the year, ICTSI has been buying ports abroad.
Its recent ventures included the Port of Portland in the United States, and facilities in Mexico, India and parts of Eastern Europe.
The company also recently attempted to buy a major port operator in Singapore, but lost in a tight bidding war to Japan’s Mitsui group.
Due to the strength of its foreign operations, ICTSI reported a profit of $60 million in the first half, up 42 percent over the $42.4 million reported in the same period last year.