Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

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

News SummaryMost relevantAll newsSector news 

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

share with twitter share with LinkedIn share with facebook
share via e-mail
12/28/2012 | 05:21am CEST
  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

share with twitter share with LinkedIn share with facebook
share via e-mail
React to this article
05/02 INTERNATIONAL CONTAINER TERMINAL SER : ex-dividend day for annual dividend
04/21 CONTAINER TERMINAL SERVICE : ICTSI scales down 2016 capex
04/20 UP BY TWO AFTER A 68 : Indonesian seizes lead in wind, heat
04/19 CONTAINER TERMINAL SERVICE : Local, foreign top guns clash in ADT Sherwood
04/12 Italian railways bidding for Greek operator, rivals expected - privatisations..
04/03 TABS may have stabbed the brokers and port stakeholders
03/28 CONTAINER TERMINAL SERVICE : ICTSI unit opens grants program for nonprofit commu..
03/28 Capt Haleem gets world's most prestigious shipping award
03/24 CONTAINER TERMINAL SERVICE : Tabuena, Que head list of ICTSI Luisita cast
03/21 CONTAINER TERMINAL SERVICE : Fernando, Castro lead ICTSI kiteboarding winners
Income Statement Evolution
More Financials