RAZON-LED International Container Terminal Services, Inc. (ICTSI) plans to accumulate the remaining 30% stake in iTracker Logistica Inteligente (iTracker), completing its ownership of the Brazil-based logistics company.
In a regulatory filing on Thursday, the listed port operator confirmed its intention to accumulate the remaining interest in iTracker.
“The corporate also wishes to make clear that it doesn’t consider the rise in its ownership interest in an existing subsidiary, which contributes lower than 1% to the Company’s consolidated financial performance, to be a cloth transaction,” ICTSI said.
ICTSI said iTracker serves the Port of Rio de Janeiro and surrounding import-export hubs, providing end-to-end logistics services, including road freight and container transportation, empty container terminal operations, and general warehousing.
The corporate currently owns a 70% stake in iTracker through its Brazilian unit, IRB Logistica Ltda.
“Accordingly, the Company believes that the transaction doesn’t constitute material information requiring disclosure under the applicable disclosure rules,” ICTSI said.
Earlier this month, ICTSI accomplished the acquisition of Brazil-based general and bonded warehousing and multimodal logistics company Companhia Regional de Armazéns Gerais e Entreposto Aduaneira (CRAGEA) through IRB Hold-ings Ltda., expanding its logistics business in Brazil.
ICTSI said the consideration for the iTracker transaction is lower than 10% of its consolidated shareholders’ equity as of Dec. 31, 2025, and March 31, 2026.
Last month, ICTSI said its Rio Brasil Terminal (RBT) received two recent quay cranes, increasing the terminal’s capability to handle larger vessels and support growing trade volumes.
The modernization program also includes expanding and integrating storage yards, reorganizing operational areas, and adopting advanced technologies and automation.
ICTSI operates port facilities across the Asia-Pacific, the Americas, Europe, the Middle East, and Africa.
For the primary quarter, ICTSI’s attributable net income rose 22.56% to $293.57 million, driven by higher cargo volumes and contributions from recent terminals.
Shares in ICTSI fell P9, or 0.9%, to P990 each on Thursday. — Ashley Erika O. Jose