Connect with us

Hi, what are you looking for?


ICTSI’s Abbotsford ties up with Pampanga-based Prime Alta for logistics business

LISTED port operator International Container Terminal Services, Inc. (ICTSI) announced on Monday that its subsidiary Abbotsford Holdings, Inc. had signed a partnership deal with Pampanga-based Prime Alta Holdings, Inc. to operate a freight forwarding and logistics business.

The two companies will form Fortune Logistics Corp., which will “primarily operate, engage in and carry on the business of domestic and international ocean, air and land freight forwarding and logistics,” ICTSI said in a disclosure to the stock exchange.

The joint venture aims “to reduce costs and improve operational efficiency associated with the processing of cargo that are intended to be used by ICTSI for its various operations in the Philippines,” it added.

Abbotsford, a wholly owned subsidiary of the Razon-led company, and Prime Alta target to obtain regulatory permits and licenses within one to two months after the signing of the shareholders’ agreement for the joint venture.

The joint venture’s initial capitalization is P25 million, with a 51:49 ownership split.

Abbotsford will own 51% or P12.75 million from the initial subscription while Prime Alta will own 49% or P12.25 from the initial subscription.

“The joint venture company will distribute a percentage of its available distributable cash flow and such dividends will be paid to the shareholders pro rata on the basis of their respective shareholding,” ICTSI said.

Its board of directors will be tasked to oversee the management and operations of the joint venture company in which Abbotsford will appoint three directors and Prime Alta will appoint two.

ICTSI’s net income attributable to equity holders for the first half of the year reached $294.5 million, 50% more than the $196.7 million it earned in the first half of 2021.

The improvement was “primarily due to higher operating income; higher net foreign exchange gain, increase in equity share in net profit of joint ventures; and strong contribution of new terminals; partially tapered by an increase in depreciation and amortization, and interest on loans, concession rights payables and lease liabilities,” the company said. — Justine Irish D. Tabile

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...


Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...


Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...


REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...


Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.