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            december 14, 2019

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ICTSI expands footprint in Latin America by acquiring Libra Terminal Rio


Manila-headquartered terminal operator, International Container Terminal Services Inc (ICTSI), is continuing its Latin American expansion by taking over Libra Terminal Rio S A (Libra Rio).
The company revealed in the Philippines Stock Exchange disclosure that it had bought 100 per cent of the share in Libra Rio, owned by Grupo Libra.
Libra Rio holds the rights to operate, manage and develop container terminal T1Rio. The concession of T1Rio commenced in 1998 and was extended in 2011 through to 2048.
"ICTSI will assume the operational, development and other responsibilities under the current concession contract. The transfer of the facilities to ICTSI management is expected to take place after all conditions precedent and required regulatory approvals have been obtained," the disclosure said.
The parties would still need to sign a share purchase agreement, the disclosure added.
In 2018, T1Rio had a throughput of around 135,000 TEU and an estimated capacity of 530,000 TEU. It has five ship-to-shore gantry cranes and an extensive range of yard handling equipment including more than 16 rubber-tyred gantry cranes.
It has a total land area of 18.8 hectares and 715 metres of quay wall, with a water depth of up to 16 metres and capability to receive the large container vessels, reports Colchester's Seatrade Maritime News.

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