ICTSI to spend $100 million to expand Iraq port

ABS-CBN News

Posted at Oct 23 2017 11:42 AM

MANILA - Billionaire Enrique Razon's International Container Terminal Services Inc said Monday it would invest an additional $100 million (P5.15 billion) to expand its port business in Iraq.

Two new berths will be developed at ICTSI unit Basra Gateway Terminal in Umm Qasr to double its container handling capacity to 1.2 million TEU (twenty foot equivalent units), the company told the stock exchange.

Earlier this year, ICTSI bagged a deal to operate two international ports in Papua New Guinea.

Shares of ICTSI were unchanged at P103.40 in early trading on Monday. -- Warren de Guzman, ABS-CBN News