US firm Capital Group Companies, Inc. has bought a 8.7% stake in Philippine-based International Container Terminal Services, Inc. (ICTSI).

“The above mentioned shares were purchased and are held solely for investment purposes in the ordinary course of business and not with the purpose or effect of changing or influencing control,” ICTSI said in a disclosure.

Los Angeles headquartered Capital Group Companies is one of the largest investment firms, controlling over $1trn in assets.

Global ports operator ICTSI handled a total of 2.7m teu of container in the first half of 2012, a 9% increase over the same period of 2011.

(Source:seaports press review)