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ICTSI to spend $40m on overseas projects next year

ICTSI to spend $40m on overseas projects next  year
International Container Terminal Services Inc. (ICTSI) is spending $40m to fund foreign projects next year.

Local reports said its board had approved the appropriation of a portion of its unappropriated retained earnings for additional working capital requirements. The funds will be used for continuing foreign expansion projects next year.

The budget is mainly allocated for the completion of ICTSI’s new container terminals in Mexico, Honduras and Iraq, capacity expansion in its terminal operation in Manila, and the start of development of the new terminals in Congo and Australia.