International Container Terminal Services Inc., said it has sold 30 percent of its stake in its Lae, Papua New Ginuea operation, South Pacific International Terminal Limited (SPICTL) to the local communities Ahi and Labu.
The company said its unit ICTSI South Pacific Limited (ISPL ) signed the agreement with Ahi Terminal Services Limited (Ahi) and Labu investment Limited (Labu). Each will acquire a 15 percent stake of SPICTL.
“The signing of the agreements completes the transfer of the 30 percent of SPICTL to the local communities in compliance with the terminal operating agreement,” the company said.
In September 2017, ICTSI, through its Papua New Guinea subsidiary South Pacific International Container Terminal Limited, signed a 25-year terminal operations agreement with state-owned PNG Ports Corporation Limited for the Port of Lae in Lae Tidal Basin.
SPICT’s contract specifically covers the port operations and facilities at the South Pacific International Container Terminal.
