ICTSI Negotiates With Banks To Take Over Hanjin

The Negotiation With Bank

Now that the Hanjin assets are in the hands of the ban, International Container Terminal Services Inc., (ICTSI) is eyeing to take over the Hanjin Industries and Construction Philippine’s (HHIC-Philippines) assets by negotiating the terms with the institution who’s responsible for the assets. The Razon led firm is making a master plan once they acquire the assets. As for the moment, the negotiation with the bank include their presentation and discussion on how the firm would be able to pay Hanjin’s loans and if ICTSI has a partner to the venture with. The firm will surely disclose how the presentation goes and when will the expansion start after the successful talk.

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Interest Over The Bankrupt Shipbuilder

It can be noted from the previous news that Razon expressed his interest over the shipbuilder in February and now that the situation has cleared up, ICTSI believed that the bank will eventually hand off the assets to someone. The facilities of Hanjin is located in Subic Bay Freeport Zone. In spite of the $412 million outstanding loans from banking institutions here in the Philippines, the shipbuilder company left an estimated total asset worth $1.6 billion. The firm also believes that the bank has no interest in running the business, thus, they will want to get rid of it in the future.

Plans For Hanjin

Last February, the ICSTI’s stock price took a big jump and was considered as one of the most traded stocks. The investors’ reaction was due to the fact that the firm plans on expanding the business and one of its plans is the acquisition of Hanjin. The firm is planning to turn the facilities into an industrial complex combined with container port and dry bulk handling facilities, terminal of a liquefied natural gas (LNG), and an LNG power plan as well. The disclosure said that there are people who filed for the corporate rehabilitation to rescue HHCI-Phil, now from its $412 Billion debt with the big banks in the country.

ICTSI’s Overall Expansion

Apart from acquiring the Hanjin assets, the company is looking forward to its privatization deals in the container port industry. In fact, it’s digging into profitable opportunities in its international ports including those in Cameroon and Thailand. The firm believes that the strike of workers against privatization deals in Port Sudan has affected how the investors react, not in a bad way but in a positive state. Together with international expansion, the firm is going to spend $380 million of its allocated capital expenditure this 2019 to expand its terminals in Manila. To add, the company has generated attributable net income of $153.287 Million in first 3 quarters of 2018, which is 2.7% higher than last year.

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