PH-listed port operator ICTSI wins bid to acquire Brazil’s Libra Terminal Rio

ICTSI's Hijo International Port Services, Inc., Philippines

Philippine-listed port operator International Container Terminal Services Inc (ICTSI) on Thursday announced that it has won the bid to acquire Libra Terminal Rio SA (Libra Rio), the operator, manager, and developer of a container terminal in the port of Brazil’s Rio de Janeiro City.

In a disclosure to the Philippine Stock Exchange, ICTSI said, its subsidiary, ICTSI Americas BV, emerged as the winning bidder to acquire the Brazilian container terminal operator from Boreal Empreendimentos e Participacoes SA.

Financial details of the deal have not been disclosed and ICTSI, one of the world’s leading port and terminal operators, said it will work to sign a share purchase agreement with the seller in due course.

Libra Rio holds the concession rights to operate, manage and develop the container terminal Terminal de Contêineres 1 (T1Rio) in the port of Rio de Janeiro City. The concession of T1Rio commenced in 1998, and was extended in 2011, to last until 2048.

With the acquisition, ICTSI said, it 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 Philippines-based port operator disclosed.

In 2018, T1Rio had a throughput of approximately 135,000 TEUs and an estimated capacity of 530,000 TEUs. It has container terminal assets, including five ship-to-shore gantry cranes and a range of yard handling equipment including more than 16 rubber-tired-gantry cranes.

The facility has a total land area of 18.8 hectares and 715 meters of quay wall, with a design water depth of up to 16 meters and, thus, the capability to receive large container vessels of global shipping lines.

In June, ICTSI was 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.

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