ICTSI secures $40m, five-year loan from local bank

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Manila: Philippine-based port operator International Container Terminal Services Inc. said Thursday it secured a five-year, $40 million loan from Metropolitan Bank & Trust Co.
ICTSI told the Philippine Stock Exchange it will use proceeds of the five-year loan facility to partially refinance its debts. The company has earmarked P7.2 billion for this year's capital expenditures, excluding project and start-up costs for international and domestic container terminals that it may acquire.
The company earlier said it was looking at Africa, Middle East, Latin America, Eastern Europe and Asia as sites for future expansion. To date, ICTSI operates facilities in Brazil, China, Colombia, Ecuador, Georgia, Indonesia, Madagascar, Poland and Syria.
ICTSI posted a net income of P2.86 billion last year, down 13 percent from P3.29 billion in 2007 due to currency swings and the adoption of new accounting standards. Revenues from port operations rose 37 percent to P20.6 billion year-on-year. [16/04/09]