The government of Ecuador has come to an agreement with Hong-Kong based Hutchison Port Holdings (HPH) to resume the administration of Manta port in Manabí province, Business News Americas reported.
HPH will hand over its shares in Terminales Internacionales de Ecuador (TIDE), which managed the concession, to the Manta port authority (APM).
The agreement consists of transferring the total share capital of TIDE, valued at around US$5 million, to APM as well as all other assets the company has at the port.
HPH will also return tax breaks worth over $1mn to the government. APM will also be allowed to use the installed software for port operations until June 2010.
At the same time, HPH will deposit an additional $2 million in TIDE's account and renounces all rights over the $18 million that was invested in the port.
APM will be in charge of the share transfer. which is expected to be completed in August.
HPH will hand over its shares in Terminales Internacionales de Ecuador (TIDE), which managed the concession, to the Manta port authority (APM).
The agreement consists of transferring the total share capital of TIDE, valued at around US$5 million, to APM as well as all other assets the company has at the port.
HPH will also return tax breaks worth over $1mn to the government. APM will also be allowed to use the installed software for port operations until June 2010.
At the same time, HPH will deposit an additional $2 million in TIDE's account and renounces all rights over the $18 million that was invested in the port.
APM will be in charge of the share transfer. which is expected to be completed in August.