On 29 December 2017, the Board of Directors of International Container Terminal Services Inc. (ICTSI, PSE: ICT) approved and authorized the appropriation of a portion of ICTSI’s unappropriated retained earnings in the amount of $25 million for additional working capital requirements of its continuing domestic and foreign expansion projects in 2018.
These projects include the following:
- Project: MICT Construction of Berth 7, North Harbor, Manila, Philippines
Description: In connection with the concession agreement for the development, operation and management of the Manila International Container Terminal
- Project: Contecon Manzanillo S.A. de C.V. expansion of the Port of Manzanillo, Mexico
Description: In connection with the concession for the development and operation of the Second Specialized Container Terminal (TEC-II) at the Port of Manzanillo in Mexico.
- Project: Operadora Poruaria Centroamericana expansion of Puerto Cortés in the Republic of Honduras
Description: In connection with the Contract for the Design, Financing, Construction, Maintenance, Operation and Exploitation of the Specialized Container and General Cargo Terminal of Puerto Cortés in the Republic of Honduras for a period of 29 years.
- Project: Expansion of Port of Umm Qasr, Iraq
Description: In connection with a contract with the General Company for Ports of Iraq (GCPI) for the operation, development and expansion of container facilities in the Port of Umm Qasr in Iraq.