Philippine port operator International Container Terminal Services, Inc. (ICTSI) said on March 23 it had agreed to sell its 51% stake in Yantai International Container Terminals to Shandong Port Yantai Port Group for 773.2 million yuan (US$112 million), according to a company filing and Chinese media reports. 

ICTSI, one of the world's larger independent port operators, has held the controlling stake in the Yantai terminal since 2014, when it acquired 51% of the asset as part of a reshuffle of its interests in the northern Chinese port, company filings show.