International Container Terminal Services, Inc., has increased its shareholding in Hijo International Port Services and plans to upgrade the company’s Philippines’ handling facilities.
Via its wholly-owned subsidiary Abbotsford Holdings, the Philippines-based international port owner has acquired subscription rights to 40 million common shares in HIPS, taking its stake to a controlling 65 percent.
ICTSI said it would upscale facilities at Hijo’s port facility at Barangay Madaum in the Gulf of Davao in the Philippines. The existing port sits within reclaimed land of about 10.3 hectares (about 25.5 acres) and has two berths, which at present mainly handle bananas.
ICTSI said it would target container and reefer traffic once it had upgraded facilities.