Philippines ICTSI unit to invest 180 mln US dollars in Colombia venture
The Philippines' largest port operator, International Container Terminal Services Inc (ICTSI), said Monday its unit ICTSI Ltd which manages its overseas port operations, will be investing 180 million US dollars for the construction of a new container terminal at the Port of Buenaventura in Colombia.
ICTSI told the stock exchange that ICTSI Ltd had recently reached agreements to build the new port in Colombia, acquire stakes in two companies, and take effective control of Sociedad Puerto Industrial de Aguadulce SA. It did not identify the two companies in which it had acquired stakes.
Sociedad Puerto owns the 225-hectares of land in Aguadulce Peninsula in Buenaventura City where the new container terminal will be built and which will have an annual capacity of 700,000 TEUs (twenty foot equivalent unit).
The construction is scheduled to start in November and will be completed in 18 to 24 months. The new container terminal will have its own access road to ease congestion at the port and address Colombia's expanding trade.
ICTSI also operates container terminals in Poland, Brazil, Madagascar, Indonesia, Syria and Japan, and recently signed contracts to run container terminals at the Port of Guayaquil in Ecuador.
It also recently acquired a 60 pct stake in Yantai Gangtong Container Terminal Ltd, which operates a port in in the eastern Chinese province of Shandong.
ICTSI told the stock exchange that ICTSI Ltd had recently reached agreements to build the new port in Colombia, acquire stakes in two companies, and take effective control of Sociedad Puerto Industrial de Aguadulce SA. It did not identify the two companies in which it had acquired stakes.
Sociedad Puerto owns the 225-hectares of land in Aguadulce Peninsula in Buenaventura City where the new container terminal will be built and which will have an annual capacity of 700,000 TEUs (twenty foot equivalent unit).
The construction is scheduled to start in November and will be completed in 18 to 24 months. The new container terminal will have its own access road to ease congestion at the port and address Colombia's expanding trade.
ICTSI also operates container terminals in Poland, Brazil, Madagascar, Indonesia, Syria and Japan, and recently signed contracts to run container terminals at the Port of Guayaquil in Ecuador.
It also recently acquired a 60 pct stake in Yantai Gangtong Container Terminal Ltd, which operates a port in in the eastern Chinese province of Shandong.