Buenaventura is located on the Pacific coast of Colombia. View Larger Map
International Container Terminal Services and PSA International have signed an agreement to jointly develop, construct and operate a container port and its ancillary facilities on the Aguadulce peninsula of Buenaventura in the department of Valle del Cauca, Colombia.
The deal involves PSA’s investment in Sociedad Puerto Industrial Aguadulce, an indirect subsidiary of ICTSI, which holds the 30-year concession for the Aguadulce Port Project granted by the Agencia Nacional de Infraestructura of Colombia. Under the terms of the agreement, ICTSI’s subsidiaries Kinston Enterprises Corp. and Future Water agreed to the purchase by PSA Colombia Pacific, a subsidiary of PSA, of SPIA shares representing 45.64 percent of SPIA’s issued and outstanding share capital. The transaction is subject to the satisfaction of certain conditions precedent to completion.
Once completed, the deal between ICTSI and PSA, through their respective subsidiaries, will jointly own 91.28 percent of issued and outstanding share capital of SPIA. ICTSI and PSA will thereafter work jointly on the Aguadulce Port Project.
“PSA and ICTSI share the aspirations for the Aguadulce Port, and the opportunity to bring this shared goal to fruition presented itself,” said Enrique K. Razon Jr., ICTSI chairman and president, in a written statement. “We are confident and look forward to the success of this important collaboration.”
“ICTSI and PSA will bring our complementary strengths to ensure this greenfield terminal supports the growing demand for trade and logistics in Colombia, amidst the improving business environment in the region,” added Tan Chong Meng, PSA Group CEO.