ICTSI spending $750-M for Lat-Am expansion projects

ABS-CBN News

Posted at Aug 12 2010 11:19 AM | Updated as of Aug 12 2010 07:19 PM

MANILA, Philippines - Global port operator International Container Terminal Services Inc. (ICTSI) said it is spending $600 to $750 million in the next 3 years for its expansion projects in Latin America.

In a disclosure to the Philippine Stock Exchange on Thursday, ICTSI said that for 2010 alone, it is spending about $123 million for the upgrade of its worldwide facilities.

"We further confirm that the estimated total project cost of our development projects in Argentina, Colombia and Mexico is in the range of $600 million to $750 million spread over a period of 24 to 36 months," said Benjamin Gorospe III, corporate legal affairs manager of ICTSI.

In the annual shareholders meeting on Wednesday, ICTSI Enrique Razon Jr. told reporters that these ports are valuable and are growing strong.

Shares of ICTSI were trading 2.9% lower at P31.90 on Thursday.