ICTSI to Acquire Cameroon Port

The International Container Terminal Services Inc. (ICTSI) has been declared as the preferred bidder for the development, operations and management of the Port of Kribi in Cameroon for 25 years.

Philippine government's  News Agency quoted ICTSI disclosure to the stock exchange saying that: "ICTSI has been declared preferred bidder for the concession of the development, operation and maintenance of the Multi-Purpose Terminal of the Port of Kribi by the Port Autonome de Kribi. Parties will now engage in exclusive concession contract negotiations ahead of final contract signature."

The Port of Kribi, located in Cameroon, Central Africa, is a newly built port with deep draft. The multi-purpose terminal consists of 265 meters of berth and 10 hectares of yard.

“Kribi port is surrounded by the Kribi Industrial Area, a 262-square kilometer reserved land destined to accommodate new industrial and logistical developments supporting the Cameroon-Chad-CAR (Central African Republic) Corridor economic growth,” ICTSI said.

The concession contract has a duration of 25 years, or until 2045.