LISTED International Container Terminal Services, Inc. (ICTSI) said its subsidiary in Cameroon signed on Tuesday the concession contract for the development, operation and maintenance of the multipurpose terminal of the Port of Kribi.

“Further to our disclosure dated June 17, 2019, wherein ICTSI disclosed that it was declared as the preferred bidder for the concession of the Multi-Purpose Terminal of the Port of Kribi, Cameroon, ICTSI would like to inform the Exchange that a few hours ago, a concession contract was officially signed by Kribi Multipurpose Terminal, a Cameroonian subsidiary of ICTSI, and Port Autonome de Kribi,” ICTSI said in a statement.

Under the contract, the subsidiary of ICTSI will develop, operate and maintain the multipurpose facility at Kribi, a new deep-water port located 150 kilometers South of Douala.

“Phase 1 consists of 265 meters of berth and a 10-hectare yard. Phase 2 consists of an additional 350 meters of berth and 23-hectare yard,” ICTSI said.

The new port is surrounded by the Kribi Industrial Area, which is seen to accommodate “new industrial and logistical developments” that would support Cameroon’s economy and the Cameroon-Chad Corridor.

The listed firm currently operates 30 terminals based on data from its website, spread across the Philippines, Asia-Pacific, Latin America, Europe, Middle East and Africa.

In Africa, ICTSI already operates Matadi Gateway Terminal in Congo; and the Madagascar International Container Terminal Services Ltd. in Toamasina, Madagascar.

ICTSI saw its net income attributable to equity holders drop by 18% to $59.6 million in the first quarter due to lower operating income, increase in concession interest, and pandemic-related expenses.

Considering the impact of the global health crisis, ICTSI has reduced its capital expenditure plan for the rest of the year to $100 million, mainly for the completion of ongoing expansion projects. — Arjay L. Balinbin