ICTSI to invest 170 million dollars in Ecuador

MANILA (AFP) - Philippines-based International Container Terminal Services Inc (ICTSI) said Tuesday it will invest 170 million dollars in container terminal operations in Ecuador.

In a disclosure to the stock exchange, ICTSI said it would invest an initial 170 million dollars in its first three years of operating its 20-year Guayaquil concession on South America's west coast.

The company added that it will invest 80 million dollars on equipment and instructure in the first year.

ICTSI said it would also pay the Autoridad Portuario de Guayaquil (APG) "a premium of 30 million dollars, payable over the next four years."

It added its Ecuador unit was expected to take over the terminal and start operations as early as next month.

The Filipino firm also operates ports in Brazil, Indonesia, Japan, Madagascar, the Philippines, Poland and Syria.

In February, it announced it had acquired a majority stake in a Shandong province port operator in its first foray into the China market.