International Container Terminal Services (ICTSI) and PSA International (PSA) have signed an agreement which will enable them to jointly develop, construct and operate the container port terminal and ancillary facilities located in the Peninsula of Aguadulce, Buenaventura, Valle del Cauca, Colombia (the "Aguadulce Port Project").
The agreement involves PSA's investment in Sociedad Puerto Industrial Aguadulce ("SPIA"), 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.
Upon completion of the agreement, ICTSI and PSA, through respective subsidiaries, will jointly own 91.28 percent of SPIA. ICTSI and PSA will thereafter work jointly towards the success of the Aguadulce Port Project.
