A port company controlled by the Philippines’ richest billionaire has agreed to buy an African logistics operator with businesses in South Africa, Mozambique and Namibia.
International Container Terminal Services, or ICTSI, signed an agreement to acquire 100% of the shares in TLG Acquisition Holdings, according to a Philippine Stock Exchange disclosure dated 28 August.
ICTSI is controlled by Filipino ports and casino magnate Enrique Razon Jr, whose fortune Forbes estimated at $21.8 billion in its 2026 Philippines rich list. The acquisition price was not disclosed.
The transaction also remains conditional on regulatory approval and other completion requirements. ICTSI has therefore agreed to buy TLG but does not yet control the business.
What ICTSI is buying
