Global port operator International Container Terminal Services, Inc. (ICTSI) has signed an agreement to acquire 100 percent ownership of TLG Acquisition Holdings (RF) Proprietary Limited (TLG), an African port operator, further expanding its footprint across key strategic markets on the continent.
Owned by Filipino billionaire Enrique K. Razon Jr., ICTSI said in a disclosure to the Philippine Stock Exchange that the agreement was signed with African Infrastructure Investment Managers (AIIM), acting through AIIF4 General Partner Proprietary Limited and IDEAS Infrastructure II GP Proprietary Limited, which collectively own 74 percent of TLG, and Mokobela Shataki Proprietary Limited, which owns the remaining 26 percent.
TLG is an integrated port and cargo-handling services provider with operations in Mozambique, Namibia, and South Africa. The company handles a diversified range of bulk commodities and agricultural products across its portfolio of port facilities.
Through its wholly owned subsidiaries, TLG holds a 97.33 percent effective economic interest, while the remaining 2.67 percent is held by members of its management team.
Completion of the transaction remains subject to certain conditions precedent, including applicable regulatory approvals, ICTSI said.
