International Container Terminal Services, Inc. (PSE:ICT) (ICTSI) is negotiating with banks for the possible acquisition of Hanjin Heavy Industries & Construction Co., Ltd. (KOSE:A097230) Philippines' (HHIC-Philippines) assets, a top official said. “We're still making presentations to the banks, the banks own it now…We're developing a masterplan for Hanjin,” ICTSI Chairman and President Enrique K. Razon, Jr. told reporters after ICTSI's annual stockholders' meeting in Solaire Resort and Casino on April 11, 2019. The discussions for the acquisition will include the payment of HHIC-Philippines' loans and whether ICTSI will have a partner for the venture, among others.

“The banks will eventually give it to someone, they're not going to run it themselves. The banks definitely want to get rid of it,” Razon said, although noting that they can opt to forego the deal “if it doesn't work for us.”