PORT operator International Container Terminal Services Inc. (ICTSI) said Friday that its business unit, Mindanao International Container Terminal Services Inc.’s (MICTSI), would continue operating and managing the Mindanao Container Terminal located at the Philippine Veterans Investment Development Corp. (Phividec) Industrial Estate in Tagoloan, Misamis Oriental.
ICTSI told the stock exchange that the Phividec Industrial Authority has granted MITCSI a 25-year extension to its concession, which was originally set to expire in 2033.
The Enrique Razon-led port operator said that MICTSI was planning to invest more than $100 million to extend the terminal’s berth by an additional 300 meters, build other support infrastructure and purchase additional equipment.
These investments, it added, are intended to “significantly increase” the terminal’s capacity from its present 350,000 twenty-foot equivalent container units. The targeted capacity increase was not specified.
ICTSI said the new berth “will enable the shipping industry to deploy larger ships on new service routes to support growth and demand from Mindanao’s importers and exporters” while at the same time promoting Phividec’s agenda to continue growing its locator base.
ICTSI shares on Friday advanced by P5.00, or 1.3 percent, to close at P390 apiece.
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