Tycoon Razon’s ICTSI challenges court ruling in battle for Africa’s largest port

Tycoon Enrique Razon Jr.’s International Container Terminal Services is challenging a legal ruling blocking its takeover of a portion of Africa’s largest port.

This comes after South Africa’s High Court issued an interdict blocking its selection as the operating partner for Durban Container Terminal Pier 2.

The court’s decision stems from a legal challenge filed last March by rival Maersk Group, which is seeking to disqualify ICTSI.

“In July 2023, ICTSI was declared the Preferred Bidder under the international tender process for [Durban Container Terminal Pier 2],” ICTSI said in a stock exchange filing on Thursday. 

“ICTSI was selected because it was judged the best operating partner for this strategically critical port and because it submitted the highest financial bid,” it added. 

Enrique Razon Jr. 

ICTSI Chair, President 

ICTSI was last selected by Transnet SOC Ltd. as the preferred bidder for the 25-year joint venture to develop and operate the terminal.

Durban Container Terminal Pier 2, the largest terminal in the Port of Durban, handles 72 percent of the port’s throughput and 46 percent of South Africa’s total port traffic.

This would have been ICTSI’s largest facility on the continent. 

The global cargo port operator also runs the Onne Multipurpose Terminal in Nigeria, Kribi Multipurpose Terminal in Cameroon, Matadi Gateway Terminal in the Democratic Republic of Congo, and the Madagascar International Container Terminal.