Member access

4-Traders Homepage  >  Shares  >  PHILIPPINE STOCK EXCHANGE, INC.  >  International Container Terminal Service    ICT   PHY411571011

SummaryNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll news 

International Container Terminal Service : Philippine Port Operator ICTSI Pulls Out of Syrian Port Investment Due to Unrest

12/27/2012 | 11:21pm US/Eastern
  By Cris Larano 
 

MANILA--Philippine port operator International Container Terminal Services Inc. (ICT.PH) said Friday it has pulled out its investment in a port in Syria due to civil unrest and violence in the Middle Eastern country.

ICTSI told the stock exchange that it sent--through its wholly owned Tartous International Container Terminal JSC--a notice of termination of its 10-year agreement with Syrian port agency Tartous Port General Co. to develop, maintain and operate the Tartous container port, located on the Mediterranean coast of Syria. The company cited "unforeseen change of circumstances brought about the civil unrest and violence which has gravely affected business and trade in Syria" in terminating the deal, which started in March 2007.

The company said the Syrian operation accounts for 0.4% of ICTSI's total assets as of September 2012.

ICTSI said it will write off the deal and assets in Syria at a cost of around $1.2 million, and save around $4 million annually in port fees and cash operating expenses from the termination of the deal.

Write to Cris Larano at cris.larano@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Latest news on INTERNATIONAL CONTAINER TE
3d ago CONTAINER TERMINAL SERVICE : Palanca boosts La Salle-Zobel's Inter-school bid
6d ago CONTAINER TERMINAL SERVICE : Dottie late surge bucks Guioguio Piccio rallies
10/10 CONTAINER TERMINAL SERVICE : Xavier rules nat'l inter-school golf
10/10 CONTAINER TERMINAL SERVICE : Dumandan fights back with 67, regains lead share
10/09 CONTAINER TERMINAL SERVICE : Leads by two strokes: V'cencio fans 1st title bid w..
10/07 CONTAINER TERMINAL SERVICE : ICTSI allots $65 M for new MICT yard facilities
10/07DJCONTAINER TERMINAL SERVICE : Philippines' ICTSI Plans to Spend $65 Million for E..
09/30 CONTAINER TERMINAL SERVICE : ICTSI fasttracks port development
09/02 CONTAINER TERMINAL SERVICE : Recent Study: Colombia Shipping Report Q4 2014
09/02 CONTAINER TERMINAL SERVICE : Port of Subic
Advertisement
Dynamic quotes  
ON
| OFF