Noho-Mage Acquires 30% of ICTSI Subsidiary MITL

ICTSI South Pacific Limited (ISPL), a subsidiary of International Container Terminal Services Inc. (ICTSI, PSE: ICT), which owns 100% of Motukea International Terminal Ltd (MITL), entered into agreements with the local Tatana and Baruni communities in Papua New Guinea, represented by Noho-Mage Holdings Ltd, for the latter to acquire a 30% stake of MITL.

This is in line with the Terminal Operating Agreement (TOA) entered by ICTSI and the PNG Ports Authority for the 25-year operation of the Motukea Port. The signing of the TOA, which provides that ISPL will own 70% while Noho-mage Holdings Limited will own 30% of MITL, was earlier disclosed to the Exchange last September 25, 2017.