ICTSI raises stake in Brazil shipyard to 73%
International Container Terminal Services Inc. (ICTSI) has increased its stake in a property in Rio de Janeiro as part of its plan to boost its operations in Brazil.
The global port operator led by Filipino billionaire Enrique Razon Jr. said it acquired an additional 26 percent interest in Inhauma Fundo de Investimento Imobiliario-FII (FII Inhauma).
This came just three months after the logistics giant, through its subsidiary ICTSI Americas BV, bared the purchase of a 47 percent stake in FII Inhauma. It has perpetual rights over a property targeted for terminal use. The property has about 32 hectares of inactive shipyard located in Rio de Janeiro.
This latest development brings its total ownership to 73 percent.
“The acquired property will be used by ICTSI Rio Brazil as additional capacity for its existing and potential new activities,” the firm said in a disclosure to the local bourse on Wednesday.
ICTSI also said that the move could provide a “potential expansion of the total operational and logistics capacity of the port region of Rio de Janeiro.”
The group did not disclose the transaction value. But it noted that this was “10 percent of ICTSI’s total consolidated shareholders’ equity” as of end-December.
In 2024, ICTSI Rio secured a 31-percent market share in Brazil. Its operations are focused on the shipments of motor vehicles and auto parts, minerals and stones, among others.
The group itself is present in 19 countries across the three regions. Asia contributes the biggest in terms of port revenues.
For 2025, ICTSI has earmarked $580 million to expand its seaport facilities in the Philippines and abroad. It said the funding would finance projects in Batangas, Manila and Cagayan de Oro as well as Mexico, the Democratic Republic of the Congo and Brazil.
The group would also begin building an $800-million seaport in Bauan, Batangas. Another $100 million will be used for the capacity expansion of Mindanao International Container Terminal Services Inc.
