International billionaire making waves in South Africa
Enrique Razon, the wealthiest man in the Philippines, is behind the highly lucrative Transnet ports deal and the recent acquisition of one of South Africa’s top golf courses.
Razon is the chairman and CEO of International Container Terminal Services (ICTSI), a Philippine port-handling giant.
He is also chairman of the US$1.2 billion Bloomberry Resorts and Manila Water, the private concessionaire of Metropolitan Waterworks and Sewerage System.
Another one of the companies which Razon owns is MORE Power, Iloilo City’s sole power distributor since 2019.
He has consistently been ranked among the wealthiest people in the world, with a net worth of approximately $11 billion.
Until recently, very few people in South Africa knew about Razon or the companies he owned.
However, he rose to prominence after Transnet awarded a contract to International Container Terminal Services Inc (ICTSI) to manage Durban’s Pier 2.
ICTSI and Transnet partnered to develop Pier 2 of the Durban Container Terminal, improve its performance, increase volume, and provide commercial support.
“ICTSI is the preferred bidder to partner in a 25-year joint venture with Transnet Port Terminals (TPT) to develop and upgrade the terminal,” Transnet said.
This is Transnet’s biggest container terminal, handling 72% of Port of Durban throughput and 46% of South Africa’s traffic.
After winning the contract in July 2023, ICTSI welcomed the opportunity to expand its presence across the African continent.
The company said the successful implementation of its fifth project in Africa will create a ripple effect, benefitting South Africa’s economy.
Christian Gonzalez, executive vice president of ICTSI, said the partnership would strengthen South Africa’s position in the global maritime landscape.
“Our goal is to maximise the Port of Durban’s potential through responsible operations. We look forward to collaborating with Transnet and all the stakeholders involved,” he said.
However, the partnership and kicking off the contract hit a snag after the losing bidder, APM Terminals, challenged the contract in court.
APM Terminals obtained an interim interdict, preventing Transnet from negotiating, concluding, and implementing the contract with ICTSI.
Buying the Pearl Valley Jack Nicklaus Signature golf course

Last year, the Competition Commission approved a deal for SA Golf, based in the United Arab Emirates, to buy various Pearl Valley assets.
These assets include Pearl Valley Investments, PV Hotel Development, and the Pearl Valley Hotel.
Pearl Valley is one of South Africa’s most exclusive residential estates and features a Jack Nicklaus Signature golf course.
Pearl Valley Investments operates the Jack Nicklaus Signature golf course and the related facilities and amenities at the estate.
Although Val de Vie acquired Pearl Valley years ago, this deal saw it sell many assets, including the golf course and hotel, to SA Golf.
SA Golf is controlled by Crescentspring Holdings, a firm incorporated in the Philippines and controlled by Enrique Razon.
“An individual ultimately controls Crescentspring. This individual also controls International Container Terminal Services,” the Competition Commission said.
His group’s global activities include logistics (terminal services), managing a golf club, and organising golf tournaments in the Philippines.
The commission said the proposed transaction is unlikely to lessen or prevent competition in any market and approved the deal.
SA Golf has undertaken historically disadvantaged person (HDP) procurement commitments to address public interest concerns.
Last month, Pearl Valley announced that Enrique Razon is the new owner of Pearl Valley Investments (PVI), which owns the golf course.
“Enrique Razon is a passionate golfer who has great plans to continue to promote Pearl Valley as the premier course in the country,” it said.
“The Pearl Valley Homeowners Association warmly welcomes Mr Razon and his team, and we look forward to working closely with them.”
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