PNG impacted community landowner groups in Papua New Guinea ink agreement with ICTSI
Impacted community landowner groups in Lae in Papua New Guinea have signed an agreement with International Container Terminal Services, Inc. (ICTSI) through the ICTSI Foundation and ICTSI subsidiary South Pacific International Container Terminal, Limited (SPICTL) as a necessary first step towards moving the joint ICTSI-community project in Lae, the company said in its press release.
The MOA, which was signed together with AHI Investments Ltd. (AHI) and Labu Holdings Ltd. (LABU), establishes a collaborative framework in support of ICTSI’s port project in Lae. ICTSI recently signed 25-year concessions to operate Lae and and Motukea.
The MOA also affirms the Subscription and Shareholders Agreement (SSA) included in the Terminal Operating Agreement (TOA) with PNG Ports Corporation Limited for the Port of Lae. Under the SSA, AHI and LABU will each have a 15 percent share subscription in SPICTL.
In terms of labor, SPICTL will source its workforce from AHI and LABU.
On equal footing with the business side of the agreement, ICTSI will also undertake meaningful CSR efforts for the benefit of these host communities.
The ICTSI Foundation will work closely with the AHI Hope Foundation, the Honorable John Rosso - Member of Parliament for Lae open electorate, and other relevant community leaders in implementing community service projects on law and order, health, waste management and education.
About ICTSI
Headquartered and established in 1988 in Manila, Philippines, International Container Terminal Services, Inc. (ICTSI) is in the business of port development, management and operations. As an independent business with no shipping, logistics or consignee-related interests, ICTSI works and transacts transparently with any stakeholder in the port community. ICTSI’s portfolio of terminals and projects spans developed and emerging market economies in the Asia Pacific, the Americas, and Europe, the Middle East and Africa. ICTSI has received global acclaim for its public-private partnerships with governments divesting of their port assets to the private sector.
