International Container Terminal Services, Inc. (ICTSI) is withdrawing from port operations in China after two decades in the market, following the sale of its controlling interest in Yantai International Container Terminal Ltd (YICTL).
Through its wholly owned subsidiary ICTSI (Hong Kong) Limited, the group signed a share transfer agreement with Yantai Port Holdings Company Limited to dispose of its 51% majority stake in YICTL.
Before the transaction, shareholdings in Yantai International Container Terminal were split between ICTSI with 51%, Yantai Port Holdings with 36.5%, and DP World China (Yantai) Limited with 12.5%.
ICTSI said the divestment is aligned with its long-term strategy of focusing on concession agreements where it retains control over critical areas of the business, particularly long-term development and commercial activities. The company added that the transaction will help streamline its strategic focus and allow it to reallocate capital and resources to its current portfolio and future projects.
Yantai Port is located on the northeastern coast of Shandong Province, facing the Yellow Sea and Bohai Bay. In 2014, Yantai Port Holdings and ICTSI acquired 51% of DP World Yantai, which was later restructured and renamed Yantai International Container Terminal.
The terminal handles a diversified cargo mix, including containers, ro-ro cargo, bulk and breakbulk commodities.
