ICTSI taps $40-million loan from Metrobank

MANILA, Philippines - Port operator International Container Terminal Services Inc. (ICTSI) has secured a $40-million loan facility from Metropolitan Bank & Trust Co., the company said yesterday. 

In a disclosure to the Philippine Stock Exchange, ICTSI said the five-year term loan facility will be used to partially refinance its liabilities.

For this year, ICTSI is setting aside P7.2 billion for its capital expenditures. The amount does not include other project and start-up costs for international and domestic container terminals that the group may attempt to acquire in 2009.

ICTSI said several opportunities are currently being evaluated but it did not specify details.

The company earlier said it was looking at Africa, Middle East, Latin America, Eastern Europe and Asia as sites for future expansion.

ICTSI said funding for the capex will come from internally-generated cash, available cash balances and new borrowings.

To date, ICTSI has facilities in Brazil, China, Colombia, Ecuador, Georgia, Indonesia, Madagascar, Poland and Syria.

The company recently signed a memorandum of understanding with the Brunei Economic Development Board to design and develop a 660-meter terminal in Brunei Darussalam.

ICTSI reported a 37.7-percent growth in net profit last year to P20.76 billion on the back of a 85.8-percent jump in net revenues.

Gross revenues from port operations rose 37.3 percent to P20.6 billion mainly coming from new terminal operations in China, Ecuador, Syria, Georgia as well as the flagship Manila International Container Terminal (MICT).  — Zinnia Dela Peña