Billionaire Enrique Razon’s ICTSI expands its presence in Indonesia with a $46.5 million investment in ports.

International Container Terminal Services Inc. (ICTSI) — controlled by Filipino billionaire Enrique Razon, Jr. — is expanding its global presence in Indonesia with plans to acquire a controlling stake in a port in Southeast Asia largest economy.

ICTSI acquired a 66.7 percent stake in the multipurpose port in Lamongan Regency. East Java, about 790 kilometers east of Jakarta, for $46.5 million, the Philippine company said in a regulatory filing Wednesday. “This acquisition will strengthen ICTSI’s presence in the growing Asia-Pacific region also provide additional service offerings to its global and local customers,” he said.

This acquisition will be ICTSI’s third investment in Indonesia.

According to its website, ICTSI also operates PT Makassar Terminal Service a container terminal in south Sulawesi. That provides domestic and international shipping services – also the port of Tanjong Priok in north Jakarta.

ICTSI is expanding its handling capacity at its terminals worldwide as global trade has recovered to pre-pandemic levels over the past year. In addition, its flagship port in Manila is undergoing a 15 billion pesos ($268 million) expansion. Enabling the terminal to handle large vessels capable of carrying up to 18,000 units of 20-foot containers.

Razon, 62, is expanding the port business his grandfather start worldwide. ICTSI, which has subsidiaries in Asia-Pacific, Middle East, Eastern Europe, also the Americas. Reported a 58% increase in net profit to $142.3 million in the first quarter, after falling from $428.6 million – a dollar having quadrupled to record. High in 2021 with higher volumes and shipping costs. With a net worth of $5.8 billion, Razon is interest in casinos, water utilities, also renewable energy.