ICTSI expands Brazil operations

ICTSI is pouring more resources in Brazil. INQUIRER FILE PHOTO

MANILA, Philippines – Port giant International Container Terminal Services Inc. (ICTSI) is set to expand its Brazil operations with the acquisition of a terminal property in Rio de Janeiro.

In a disclosure on Monday, ICTSI said it had acquired 47-percent stake in Inhauma Real Estate Investment Fund, which has perpetual rights in a property intended for terminal use.

The transaction value was not disclosed.

The property is a 32-hectare inactive shipyard called “Estaleiro Inhauma,” which is near ICTSI’s Rio Brazil terminal.

“In the immediate future, the said property will be used by ICTSI Rio Brazil as additional capacity for its existing operations,” the Razon-led port operator said.