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ICTSI snares Subic concession

ICTSI snares Subic concession

Manila: The Subic Bay International Terminal Corp., the Subic unit of listed port operator International Container Terminal Services, Inc. (ICTSI), said yesterday that it has clinched the concession for the new container terminal at the Subic Bay Freeport Zone.
The ICTSI unit won the contract as no one challenged its proposal before the Subic Bay Metropolitan Authority (SBMA).
"We received a notice from the Legal Department of the SBMA stating that [there no other proposal for the container terminal was submitted] within the deadline set for the submission of the Swiss challenge proposal on June 18," ICTSI said in a statement.
"SBMA will award the contract to operate [the new container terminal] to Subic Bay International Terminal subject to the approval of the SBMA Board of Directors and the concurrence of the Japan Bank for International Cooperation," it added.
The project, designed to make the Subic seaport a major container port in the country, is being funded by the Japan Bank for International Cooperation for $215 million.  [28/06/07]


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