ICTSI adds $25 M for working capital

MANILA, Philippines — International Container Terminal Services Inc. (ICTSI) is allocating $25 million as additional working capital requirements for expansion projects next year.

In a disclosure to the Philippine Stock Exchange, “the board of directors of ICTSI approved and authorized the appropriation of a portion of ICTSI’s unappropriated retained earnings in the amount of $25 million for additional working capital requirements of its continuing domestic and foreign expansion projects in 2018.”

In particular, the amount would be used to fund the construction of Berth 7 at the Manila International Container Terminal.

Part of the amount would also be used for the expansion of the port of Manzanillo in Mexico.

ICTSI holds the concession for the development and operation of the second specialized container terminal at the port in Mexico.

Also being funded next year is the expansion of Puerto Cortés in Honduras.

ICTSI holds the contract for the design, financing, construction, maintenance, operation and exploitation of the specialized container and general cargo terminal of Puerto Cortés for a period of 29 years.

Another project to be funded is the expansion of port of Umm Qasr in Iraq.

ICTSI has a contract with the General Company for ports of Iraq for the operation, development and expansion of container facilities in the port of Umm Qasr.

Established in 1988 in Manila, ICTSI is involved in the business of port development, management and operations.

Its portfolio of terminals and projects spans developed and emerging market economies in the Asia-Pacific, the Americas, and Europe, the Middle East and Africa.