Razon’s publicly-listed International Container Terminal Services Inc. operates the Yantai port in the Shandong province of eastern China as part of a global portfolio that includes 33 container terminals.
“We have not experienced any effect or impact to our terminal in China as we deal mainly with local authorities. There has been no effect or any issues there,” Razon said in response to a query during ICTSI’s annual stockholders meeting on Thursday.
The Philippine benchmark index erased gains in 2024 over the past two weeks amid inflationary pressures and geopolitical tensions in the West Philippine Sea.
Despite broader external concerns, ICTSI’s share price traded at above P320 on Thursday. It touched an all-time high of P344 in March.
“We intend to pursue further growth in 2024 as we employ our strategy of operating gateway terminals where we have management control in locations with favorable competitive dynamics and high-growth potential while expanding our operating terminals to ensure our resilience,” Razon said on Thursday.
The country’s second-richest man said they were keen on expanding in more global markets.
Earlier this week, ICTSI received regulatory approval to take over and develop the Visayas Container Terminal in Iloilo City.
ICTSI operates in six continents and continues to pursue container terminal opportunities around the world. It reported recurring income at $676.83 million in 2023, a gain of 7 percent over the previous year. Total volume grew 4 percent to 12.75 million twenty-foot equivalent units.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
