ICTSI honcho still focused on ports operations

Enrique Razon, the chairman and chief executive officer of International Container Terminal Services Inc (ICTSI), the Manila-based ports operator controlled by his family for decades, may be setting his sights on an expanded presence in the leisure sector, but indications are that he would still focus on ICTSI's continuing growth.

Razon, worth an estimated at $4.7B according to Forbes magazine, has unveiled ambitious plans in the leisure sector with Bloomberry Resorts Corporation, one of his core holdings.

The billionaire, however, appears intent on making ICTSI grow some more in the years ahead.

ICTSI operates 29 facilities worldwide and has been expanding internationally by acquiring strategic stake in terminals for years now.

Growth, in fact, plays a very important role at ICTSI, which announced last week the bolt-on acquisition of Mexico’s Terminal Maritima de Tuxpan for $54.5M.   The Mexican deal will be completed once anti-trust approval is granted. Terminal Maritima has a concession to build and operate a maritime container terminal in Port Tuxpan and is the owner of the real estate where the container terminal will be built.

 “The rationale for the transaction is to continue to expand the business and diversify geographically, and to support, participate in, and benefit from the positive economic development in Mexico,” the company said.

This is part of a broader strategy aimed at consolidating assets around the world, while divesting non-core operations.

Early this year, ICTSI took full control of the Melbourne port project.       According to ICTSI chief of investor relations Arthur Tabuena, Africa remains its favored investment destination.

Analysts expect a steep growth rate for ICTSI revenues on an implied compound annual growth rate of 15.5% between 2012 and 2017.

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