Log in
Lost 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

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

React to this article
02/05 Max's OKs P350-M share buyback plan
02/04 CONTAINER TERMINAL SERVICE : Tabuena banners ICTSI Anvaya Cove Invitational cast
02/01 Japanese investors remain keen on investing in Philippines
01/29 Right-of-way issue derails PNR, MRAIL track use deal
01/18 Greece to evaluate new Cosco bid for Piraeus Port on Jan. 20
01/17 CONTAINER TERMINAL SERVICE : ICTSI-JGFP national finals under way
01/15DJICTSI Set to Open Congo Container Terminal in Aug
01/12DJChina Cosco Makes Sole Piraeus Bid
01/11 CONTAINER TERMINAL SERVICE : Russian, Swede reign in ICTSI kiteboarding
01/10 CONTAINER TERMINAL SERVICE : MRT-3 scam being replicated in PNR
Income Statement Evolution
More Financials