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ICTSI says ‘sure’ of going ahead with Port Sudan deal amid gov’t review

Saturday, 16 March 2019 | 00:00

International Container Terminal Services Inc (ICTSI) said it is certain it will ultimately take over a container terminal at Port Sudan on the Red Sea despite a strike called by employees to protest the transfer of management control.

“Yes, for sure,” Christian R. Gonzales, ICTSI Global Corporate Head, told reporters in Manila on Monday, when asked if ICTSI will go ahead with the deal despite a review of the transaction by the Sudanese government.

“Any concession agreement, after you sign the initial contract, will always have a number of conditions subsequent to signing related to labor, impact on the community and other matters related to the stakeholders,” Mr. Gonzales said.

In January, ICTSI said that it signed a 20-year concession agreement with Sea Ports Corp. of Sudan (SPC) to operate, manage, and develop the South Port Container Terminal (SPCT) at Port Sudan.

ICTSI is to assume control of operations and development of SPC’s container terminal infrastructure and terminal handling equipment, while SPC on the other hand will become the supervising authority and landlord of the terminal.

ICTSI reported a $249.8 million net profit in 2018, up 20%.

On Friday, ICTSI closed at P119.50 per share, up 0.50%.
Source: Business World

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