INTERNATIONAL Container Terminal Services (ICTSI) recently increased its share in Argentinian port Tecplata SA through its Uruguayan subsidiary International Ports of South America and Logistics, (IPSAL) S.A.
IPSAL purchased shares equivalent to 10% of the share capital of Tecplata SA last August 18. As a result, IPSAL now owns 58.157 million shares representing 85% of the capital stock of Tecplata SA.
IPSAL bought the shares from Loginter SA, the project’s original proponent, which invited ICTSI to invest and participate in the port project two years ago. Loginter SA will continue to own the remaining 15% of the capital stock of the company.
Located in the Port of La Plata in Argentina, Tecplata SA is an ongoing ICTSI project. The terminal is located just outside and south of Buenos Aires and is along the River Plate.
The project involves the development of an entirely new container terminal with a wharf that will have 850 meters of continuous berthing space right along the entrance channel, and the development of 50 meters inland to improve access and facilitate the maneuvering of post-panamax ships.
The facility will have a container yard capable of handling more than one million TEUs per year and a container freight station for stripping and stuffing containers.
The container terminal is expected to service trade not only in Argentina but also in neighboring Uruguay.
ICTSI has made a comeback in Argentina after securing a long-term concession for the terminal to be built at the headwaters of River Santiago Este at the Port of La Plata, Buenos Aires province.
ICTSI has earmarked $600 million to $750 million over the next two to three years to fund expansion in Latin America, including in Argentina, Mexico and Colombia.
