Razon’s ICTSI Buys a Southern African Cargo-Handling Group
ICTSI has agreed to acquire 100% of TLG, an integrated port and cargo-handling group operating in South Africa, Mozambique and Namibia. No price was disclosed. The post Razon’s ICTSI Buys a Southern African Cargo-Handling Group appeared first on The Rio Times .
Port operator ICTSI has acquired a cargo-handling group called TLG, which operates in South Africa, Mozambique, and Namibia. The deal, disclosed to the Philippine Stock Exchange on Friday, 28 August, was not priced. TLG is described as an integrated port and cargo-handling services provider operating in Mozambique, Namibia, and South Africa.
Its seller is an infrastructure investment manager called African Infrastructure Investment Managers, and the remaining stake comes from Mokobela Shataki, a South African investment company. ICTSI, which is listed on the Philippine Stock Exchange and controlled by Philippine billionaire Enrique K. Razon Jr., has not disclosed the purchase price or the expected closing date.
The acquisition extends ICTSI's operations beyond container terminals to bulk agricultural and mineral cargo handling along Southern African trade corridors. ICTSI already operates terminals in Nigeria, Cameroon, the Democratic Republic of Congo, and Madagascar. The buyer, African Infrastructure Investment Managers, is not a traditional competitor for ICTSI, as they typically invest in infrastructure assets and sell them after a finite period.
The acquisition is significant because Southern Africa is not a new market for ICTSI, and the company is expanding independently on its own balance sheet. The transaction may face competition review, as ICTSI is acquiring a single operator with container and bulk handling operations across three neighboring countries.
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