MANILA -- The International Container Terminal Services Inc. (ICTSI) has been declared as the preferred bidder for the development, operations and management of the Port of Kribi in Cameroon for 25 years.
“On 14th of June 2019, ICTSI has been declared preferred bidder for the concession of the development, operation and maintenance of the Multi-Purpose Terminal of the Port of Kribi by the Port Autonome de Kribi. Parties will now engage in exclusive concession contract negotiations ahead of final contract signature,” ICTSI said in a disclosure to the stock exchange on Monday.
The Port of Kribi is a newly built terminal which is projected to become a major port and logistics platform in the Central African sub-region.
The multipurpose terminal includes 265 meters of berth and 10 hectares of yard.
The transaction is expected to further increase the presence of ICTSI in Africa. It currently operates the Madagascar International Container Terminal, ICTSI DR Congo S.A, and Africa Gateway Terminal in Sudan.
The ICTSI has operations in 18 countries, namely the Philippines, Indonesia, China, Pakistan, Australia, Papua New Guinea, Mexico, Honduras, Colombia, Ecuador, Brazil, Argentina, Poland, Croatia, Georgia, Iraq, Madagascar and the Democratic Republic of Congo. (PNA)