A UNIT of International Container Terminal Services, Inc. (ICTSI) is selling its 30% stake in a company that operates the Motukea Port, Papua New Guinea.
In a disclosure to the stock exchange Thursday, the Razon-led port operator said its unit ICTSI South Pacific Ltd. has entered into agreements with Noho-Mage Holdings Ltd. for the latter to acquire a minority stake in Motukea International Terminal Ltd. (MITL).
“This is in line with the Terminal Operating Agreement (TOA) entered by ICTSI and the PNG (Papua New Guinea) Ports Authority for the 25-year operation of the Motukea Port,” it said.
“The signing of the TOA, which provides that ICTSI South Pacific will own 70% while Noho-mage Holdings Ltd. will own 30% of MITL, was earlier disclosed to the Exchange last September 25, 2017,” it added.
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