RAZON-LED International Container Terminal Services, Inc. (ICTSI) has accomplished the acquisition of Brazil-based general and bonded warehousing and multimodal logistics company Companhia Regional de Armazéns Gerais e Entreposto Aduaneira (CRAGEA) through its unit IRB Holdings Ltda., expanding its logistics business in Brazil.
In a regulatory filing on Thursday, the listed port operator said all conditions precedent to the transaction, including regulatory approvals, had been satisfied, allowing the acquisition to shut.
“The transaction represents an expansion of ICTSI’s business activities in Brazil offering differentiated and strategic solutions to extend operational and energy efficiency through using the rail as the popular transport mode, mitigation of logistical bottlenecks, expanding the hinterland of its port assets and offering secure and modern alternatives for foreign trade customers,” the corporate said.
ICTSI said the full consideration for the transaction is lower than 10% of its total consolidated shareholders’ equity as of Dec. 31, 2025, and March 31, 2026.
“The transaction shouldn’t be deemed to have a cloth impact on the Company’s financials within the immediate future,” the corporate said.
In June, ICTSI said its Rio Brasil Terminal (RBT) received two latest quay cranes, increasing the terminal’s capability to handle larger vessels and support growing trade volumes.
The modernization program also includes the expansion and integration of storage yards, reorganization of operational areas, and the adoption of advanced technologies and automation.
Upon completion, the expansion and modernization program is anticipated to extend RBT’s annual capability to 750,000 twenty-foot equivalent units (TEUs) and strengthen the port’s position as a logistics hub serving Brazil’s southwest and midwest regions.
RBT operates Container Terminal 1 on the Port of Rio de Janeiro, serving import, export, and industrial oil and gas hubs in Brazil.
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 container volumes and contributions from latest terminals.
ICTSI shares rose P21.50, or 2.26%, to P971.50 apiece on Thursday. — Ashley Erika O. Jose