ICTSI acquires TLG to expand cargo-handling footprint across South Africa, Namibia, Mozambique
This move signals a significant diversification into bulk cargo, specifically targeting agricultural and mineral commodities.
PHILIPPINES – International Container Terminal Services Inc. (ICTSI) has signed an agreement to acquire TLG, a cargo-handling company operating in South Africa, Mozambique and Namibia, as the Philippines-based maritime giant moves beyond its traditional container-terminal business to diversify into bulk cargo handling, with a focus on agricultural and mineral commodities.
The group, majority-owned by Philippine billionaire Enrique Razon Jr., said in a filing with the Philippine Securities and Exchange Commission on Friday, August 28, that it had signed an agreement with TLG’s shareholders to acquire 100% of the company.
Under the agreement, ICTSI is expected to acquire 74% of the shares from fund manager African Infrastructure Investment Managers (AIIM) and the remaining 26% from Mokobela Shataki Proprietary Limited, a South African investment company.
The transaction, whose value was not disclosed, remains subject to customary closing conditions, including regulatory approvals.
Diversification Into Bulk Cargo Handling
TLG operates cargo-handling and logistics businesses focused on agricultural commodities at several South African ports, as well as Terminals.
Therefore, this strategic purchase allows ICTSI to take full ownership from existing shareholders, effectively broadening its operational footprint across Southern Africa.
In addition, this move signals a significant diversification into bulk cargo, specifically targeting agricultural and mineral commodities.
Established African Presence and Strategic Expansion
Southern Africa is not new territory for ICTSI. The Manila-based group has operated Pier 2 of the Durban Container Terminal (DCT2) at the Port of Durban in South Africa since January 1, 2026, under a 25-year partnership with Transnet, South Africa’s state-owned freight transport and logistics company.
ICTSI also operates four other terminals in Africa: the multipurpose terminal at Nigeria’s Port of Onne, the multipurpose terminal at the Kribi deepwater port in Cameroon, Matadi Gateway Terminal (MGT) in the Democratic Republic of Congo and Madagascar International Container Terminal (MICTSL) in Madagascar.
Financial Performance and Future Outlook
The expansion builds upon ICTSI’s established presence in Africa, where it already manages several high-traffic ports.
The Philippine Stock Exchange-listed group posted net income of US$589.98 million in the first half of 2026, up 22% from the same period in 2025, while revenue rose 27% year over year to US$1.92 billion.
Following a period of substantial financial growth, this acquisition highlights the group’s ambition to dominate regional supply chains beyond simple container shipping.
Finally, the deal remains contingent on meeting standard regulatory requirements and closing conditions.
Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.
