Philippines-based ICTSI Allocates USD 21 Million for Port Investments

PORT operator International Container Terminal Services Inc. (ICTSI) is to designate approximately $21 million (P917 million) that will be used as working capital for domestic expansion projects and as investments in foreign ports.

ICTSI is intending to expand its operations in the Africa, South Asia and Latin America.

The company has established ICTSI Africa (Pty.) Ltd. registered in Cape Town, South Africa, with the purpose of developing and managing port terminal assets in the African region.

ICTSI’s net income reached the amount of $101.4 million (around P4.33 billion) and the revenues reached $490.9 million. The company handled 3.84 million twenty-foot equivalent units (TEU) in the first nine months of the year.

Manila, Brazil, Poland, Ecuador, Madagascar and China currently account for the company’s key terminals.

[mappress]
World Maritime News Staff, December 27, 2011;