ICTSI South Pacific Limited (ISPL), a subsidiary of International Container Terminal Services, Inc. (ICTSI), has entered into agreements with two local communities in Papua New Guinea (PNG), providing each community with a 15% stake in South Pacific International Container Terminal Limited (SPICTL).
ICTSI, in a regulatory disclosure, said ISPL, which owns 100% of SPICTL, entered into agreements with the local communities of Ahi Terminal Services Limited and Labu Investment Limited for them to each acquire a 15% stake in SPICTL.
The signing of the agreements completes the transfer of the 30% stake of ISPL in SPICTL to the local communities, in compliance with the Terminal Operating Agreement.
ICTSI in 2017 signed two 25-year concession agreements to operate, manage, and develop the international ports of Motukea and Lae in PNG. The terminal operating agreements were signed by ICTSI’s PNG subsidiaries, SPICTL and Motukea International Terminal Limited (MITL), together with PNG state-owned enterprise PNG Ports Corporation Limited.
At the same time, ICTSI signed an agreement with the landowner community groups in Motukea that would be affected by the Port of Motukea project in a deal that would establish the collaborative framework needed for the joint port project to advance.
SPICTL will provide and deploy cranes, berth and yard equipment at the Port of Lae, the largest container-handling facility in PNG. Lae, capital of Morobe Province, is PNG’s second largest city.
On the other hand, MITL will provide and deploy cranes, berth and yard equipment for the Port of Motukea. Newly developed and situated near Port Moresby, the Port of Motukea is envisioned to service all port and shipping activities previously done at Port Moresby.
Photo from ICTSI
