MANILA port operator International Container Terminal Services Inc (ICTSI) and Singapore's giant PSA International have agreed to build and operate the container port terminal and ancillary facilities Aguadulce port in Colombia.
ICTSI, PSA to build, operate Colombian container terminal in 30-year deal
MANILA port operator International Container Terminal Services Inc (ICTSI) and Singapore's giant PSA International have agreed to build and operate the container port terminal and ancillary facilities Aguadulce port in Colombia.
The deal involves PSA's investment in Sociedad Puerto Industrial Aguadulce (SPIA), an indirect subsidiary of ICTSI, which holds the 30-year concession for the Aguadulce Port Project granted by the Agencia Nacional de Infraestructura of Colombia, said the ICTSI statement.
Under the terms of the accord, PSA Colombia Pacific Pte Ltd, a wholly owned subsidiary of PSA, will purchase 45.64 per cent of SPIA's issued and outstanding share capital, subject to regulatory approval.
Upon completion of the agreement, ICTSI and PSA, through their respective subsidiaries, will own 91.28 per cent of issued and outstanding share capital of SPIA.
"We are excited about the prospect of working with PSA to develop a terminal that we know will be key to Colombia's trade growth. PSA and ICTSI share the same aspirations for the Aguadulce Port," said ICTSI chairman and president Enrique Razon. "We are confident and look forward to the success of this important collaboration."
Said PSA Group CEO Tan Chong Meng: "ICTSI and PSA will bring our complementary strengths to ensure this greenfield terminal supports the growing demand for trade and logistics in Colombia, amid improving business environment in the region."