MANILA, Philippines - Port operator International Container Terminal Services Inc. (ICTSI) has secured a $100-million loan facility from Banco De Oro Unibank Inc.
In a disclosure to the Philippine Stock Exchange, ICSTI said the five-year loan will be used for refinancing and general corporate requirements.
Recently, ICTSI bagged a 34-year contract to manage a second container terminal in Manzanillo, Mexico’s top port, beating Spanish, Chilean, and Mexican investors for the $771-million contract.
ICTSI is a leading developer of international ports and terminals with a global portfolio spanning 11 countries in four continents. Headquartered in the Philippines, ICTSI is on its 20th year of operation, and continues to pursue container terminal opportunities around the world.
The company scaled down its capital expenditure budget this year by half to P2.46 billion due to a tough business environment. This year’s capex include the construction of the new Berth 6 at the Manila International Container Terminal (MICT), which would add annual capacity by about 500,000 TEUs (20-foot equivalent units).
For the past three years, ICTSI has invested nearly P3 billion to further expand and improve the terminal. These improvements include the installation of a central gate, expansion of the container yard, purchase of additional cargo-handling equipment, installation of additional weighing bridges and modernization of its information technology systems.
To date, ICTSI has facilities in Brazil, China, Colombia, Ecuador, Georgia, Indonesia, Madagascar, Poland and Syria.