Ricky Razon buys controlling stake in Indonesian terminal operator for $46.5M

Ultra bilyonaryo Enrique K. Razon Jr.’s International Container Terminal Services Inc. (ICTSI) is bolstering further its portfolio in the Asia Pacific region with the acquisition of a majority stake in a multi-purpose terminal in East Java, Indonesia.

ICTSI is acquiring 66.7 percent ownership in Indonesian company PT East Java Development for $46.5 million.

PT East Java has the concession rights to operate a multi-purpose terminal located in Lamongan Regency, East Java, Indonesia.
It has 47 years remaining in its concession for the multi-purpose terminal.

ICTSI said the acquisition would expand its footprint within the growing APAC region and provide further service offerings to its global and local customers.

The transaction is also expected to generate synergies and value-accretive returns for ICTSI shareholders.

ICTSI said the purchase price would be settled in multiple tranches over the next year.

Seoul seeks to ban basement flats after flooding deaths

South Korea’s capital has moved to ban the cramped basement flats made famous by Oscar-winning movie “Parasite” after four people drowned in subterranean dwellings during flooding caused by record-breaking rains this week.