Manila: Asian Terminals Inc has won the 25-year contract to modernize, manage and operate a portion of the Batangas Container Terminal. In a disclosure, the company said it had received the notice of award from the Philippine Ports Authority (PPA) for the deal, giving the company full control of one of the country's busiest harbours situated a couple of hours south of the capital, Manila.
"ATI has received today from the PPA the notice of award of contract for the management, operation, development and promotion for Container Terminal 'A-1' in Phase II of the Port of Batangas, for a period of 25 years," the company told the Philippine Stock Exchange.?
Last year, PPA General Manager Oscar Sevilla said that under the privatization deal, ATI would have to pay a total of $125m over the span of the contract. Everything ATI makes from the port in excess of this amount, it can keep for itself. [21/01/10]
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