PHILIPPINES – Contecon Manzanillo, S.A. (CMSA), a wholly owned subsidiary of Philippine-based container terminal operator International Container Terminal Services Inc (ICTSI) (PSE:ICT), has signed a US$260 million Project Finance Facility with three financial institutions.

In a disclosure to the Philippine Stock Exchange, ICTSI, said Contecon Manzanillo, developer and operator of the second specialized container terminal (SCT-2) in the Port of Manzanillo in Colima, Mexico, has signed the project finance facility with International Finance Corporation (IFC), Inter-American Development Bank (IADB), Standard Chartered Bank and KfW Ipex Bank.

ictsi-logo

The CMSA Project is for the development and operation of a Specialized Container terminal at the Port of Manzanillo in Manzanillo, Mexico.

The terminal will have a capacity of 2.2 million TEUs when completely built. The development will be done in three phases with phase one creating capacity of 750,000 TEUs.

Phase two, which is expected to be completed by 2020, will increase the terminal’s capacity to 1.4 million TEUs.

The financing package, which has a tenor of 12 years and a long availability period of four years, will help CMSA finance the completion of phases one and two of the Project.

International Container Terminal Services, Inc (PSE:ICT)’s stock was down 0.77 percent in Thursday’s trading. The news about its Mexican subsidiary was released after the market close.

A total of 1.55 million ICTSI shares were traded, with a value of Php120 million. It opened higher at Php77.90 but dropped to Php77.20 at the closing bell. – BusinessNewsAsia.com

Share.