Ricky Razon’s ICTSI sets up freight forwarding JV with Pampanga-based firm

Global port giant International Container Terminal Services Inc. (ICTSI) of ultra bilyonaryo Enrique K. Razon Jr. has teamed up with Prime Alta Holdings Inc. to engage in the business of domestic and international ocean, air and land freight forwarding and logistics.

The joint venture company to be called Fortune Logistics Corp. will be 51 percent owned by ICTSI’s wholly-owned subsidiary Abbotsford Holdings Inc. (AHI) and 49 percent by Prime Alta, a holding company based in Pampanga.

Initially capitalized at will have an initial authorized capital of P25 million, the JVC will apply for registration with the SEC.

The group hopes to obtain SEC’s approval and other standard regulatory permits and licenses within the next two months.

Through the partnership, ICTSI expects to reduce costs and improve operational efficiency associated with the processing of cargo that will be used for the company’s various operations in the country.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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