Port operator International Container Terminal Services Inc. (ICTSI) said it had secured the concession contract to operate and manage the Mindanao Container Terminal (MCT).
In a disclosure to the stock exchange, ICTSI said it had 10 days from receipt of notice to enter into a formal agreement with the current operator, the Phividec Industrial Authority.
The concession contract is for 25 years, it said.
This was Phividec?s third attempt to privatize the MCT after two failed bids.
According to the terms of the bidding, bidders should have a minimum paid-up capitalization of P2 million. The minimum fixed concession fee as approved budget for the contract is P2.145 billion.
The MCT is in Phividec Industrial Estate in Tagoloan town in the province of Misamis Oriental.
