ICTS Far East PTE. LTD. divests from indonesian subsidiary

Business.(Business File photo)

ON JAN. 22, 2024, International Container Terminal Services Inc. (ICTSI) through its wholly owned subsidiary, ICTSI Far East Pte. Ltd., signed a conditional share sale and purchase agreement with PT Sarana Kelola Investa in connection with the sale of 80.19 percent shares of PT ICTSI Jasa Prima Tbk (IJP), the company’s listed subsidiary in Indonesia which owns PT PBM Olah Jasa Andal, which in turn has an equipment supply cooperation agreement with PT Pelabuhan Indonesia II (Pelindo) at the Port of Tanjung Priok in Jakarta, Indonesia.

With the sale of PT ICTSI Jasa Prima Tbk, ICTSI can rationalize operations and redirect its resources in Indonesia. In addition, ICTSI deems the sale of PT ICTSI Jasa Prima Tbk in keeping with the ICTSI Group’s overall strategy of focusing on full concession contracts where ICTSI controls all aspects of the business, including regulatory and commercial activities.

The current 15-year equipment supply cooperation agreement of PT PBM Olah Jasa Andal with PT Pelabuhan Indonesia II was signed on June 5, 2013.


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