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ICTSI eyes Subic

Manila: International Container Terminal Services Inc (ICTSI) has announced that an indirect unit has issued a proposal to operate a new container terminal in the northern Philippines.

The Manila-headquartered terminal operator said that Subic Bay International Terminal Corp, or SBITC, has submitted a proposal to take on the container-handling operations at New Container Terminal-1, or NCT-1, currently being constructed by Subic Bay Metropolitan Authority, or SBMA, the state agency that oversees the operation of the Subic Bay Freeport Zone in Zambales province, north of Manila.

SBITC is 85% owned by Subic Bay International Terminal Holdings Inc, which in turn is 83.33% held by ICTSI and 16.67% owned by Royal Port Services Inc.
The remaining 15% stake in SBITC is held by SBMA. ICTSI will find out in two months whether any other parties have bidded for the facility.  [26/02/07]

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