Philippine-based International Container Terminal Services, Inc. (ICTSI) is looking to acquire more ports this year, particularly in Africa, Middle East and Latin America, Seatrade Asia online reports. Enrique K. Razon, Jr., chairman and chief executive of ICTSI, said the company is looking to purchase two ports in Africa and is readying a tender offer to increase its recently acquired 35% stake in Pakistan International Container Terminal to 51%.
The company has earmarked $550m in capital spending this year, more than double from last year's $228m. The bulk of the figure or $345m will be spent for greenfield projects in Argentina, Mexico and Colombia, according to ICTSI.
“The general outlook is cautiously positive because we have seen some growth. Some places are growing; some places are not, but generally we are somewhat cautiously positive,” Razon told reporters.
At the end of 2011, ICTSI was involved in more than 20 terminal operating concessions and port development projects in 17 countries worldwide.
The company has earmarked $550m in capital spending this year, more than double from last year's $228m. The bulk of the figure or $345m will be spent for greenfield projects in Argentina, Mexico and Colombia, according to ICTSI.
“The general outlook is cautiously positive because we have seen some growth. Some places are growing; some places are not, but generally we are somewhat cautiously positive,” Razon told reporters.
At the end of 2011, ICTSI was involved in more than 20 terminal operating concessions and port development projects in 17 countries worldwide.