MANILA -- International Container Terminal Services, Inc. (ICTSI) has acquired 10.449 million shares of Petron Corp. in Manila North Harbor Philippines, Inc. (MNHPI) for PHP1.75 billion.

In a disclosure with the Philippine Stock Exchange (PSE) Friday, ICTSI said it signed a Share Purchase Agreement with Petron on Thursday, buying 34.83 percent share of Petron in MNHPI.

“The transaction will allow ICTSI to contribute its experience, expertise and state-of the-art technology and infrastructure to enhance the operational efficiency of the domestic terminal in the Port of Manila and improve the traffic condition in Metro Manila,” ICTSI stated.

“This transaction will further improve the returns of ICTSI’s shareholders through this value-accretive acquisition,” the firm added.

The completion of the transaction will be subjected to several conditions, including the approval of the acquisition by the Philippine Ports Authority.

ICTSI and Petron set the closing date for the payment of the transaction by Oct. 30. (PNA)