ICTSI wins 25-yr concession to operate Mindanao port

MANILA, Philippines- Port operator International Container Terminal Services Inc. on Monday announced that it has won the 25-year concession to operate and manage the Mindanao Container Terminal. In a statement to the Philippine Stock Exchange, ICTSI said it received Monday a notice from the Phividec Industrial Authority that the company is being awarded the contract. "ICTSI is given 10 days from receipt of the notice to formally enter into a contract with Phividec," the company said. MCT is located in the Phividec Industrial Estate in Tagoloan, Misamis Oriental, which is about 20 kilometers from Cagayan de Oro City. ICTSI earlier said it is allotting some P8.22 billion for its expansion plans this year. It acquired five new foreign terminals last year, one each in China, Syria, Georgia, Ecuador and Colombia. The company, which operates its flagship in Manila, also has operations in Poland, Brazil and Madagascar. - GMANews.TV