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ICTSI, Singapore's PSA International to build-operate Colombia container port
International Container Terminal Services Inc. (ICTSI) and Singapore-based PSA International Pte. Ltd. are building a container port terminal in Colombia's Aguadulce Peninsula.
"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,” ICTSI chairman and president Enrique K. Razon Jr. noted in a disclosure to the Philippine Stock Exchange Wednesday.
“PSA and ICTSI share the same aspirations for the Aguadulce Port, and the opportunity to bring this shared goal to fruition presented itself. We are confident and look forward to the success of this important collaboration," said Razon.
The partnership stems from Sociedad Puerto Industrial Aguadulce SA (SPIA), the company holds a 30-year for the Aguadulce Port Project granted by the Agencia Nacional de Infraestructura of Colombia. SPIA, in which PSA International has an investment, is an indirect subsidiary of ICTSI.
“ICTSI and PSA will bring our complementary strengths to ensure this greenfield terminal supports the growing demand for trade and logistics in Colombia, amidst the improving business environment in the region," said PSA Group CEO Tan Chong Meng.
“Under the terms of the agreement, ICTSI's wholly-owned subsidiaries Kinston Enterprises Corp. and Future Water SA agreed to the purchase by PSA Colombia Pacific Pte. Ltd., a wholly-owned subsidiary of PSA, of SPIA shares representing 45.64 percent of SPIA's issued and outstanding share capital, subject to the satisfaction of certain conditions precedent to completion,” the dislosure read.
“Upon completion of the agreement, ICTSI and PSA would jointly own 91.28 percent of issued and outstanding share capital of SPIA. ICTSI and PSA would thereafter work jointly towards the success of the Aguadulce Port Project,” it added. – VS, GMA News
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