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ASIAN Terminals Inc. (ATI), the country’s second-biggest port operator, is studying the acquisition of Philippine-based ports as part of its expansion plan, a top official said last week.
In a chance interview with reporters on Friday, ATI president Eusebio Tanco said the company is looking at a “couple of ports” in the country. He declined to give further details, only saying these are situated one hour away from Metro Manila by plane.
ATI had earlier signaled that it is prepared to make new port acquisitions and has about P1 billion to spend for this purpose. Tanco said in April that the company is also looking at government ports being put up for privatization.
It was reported that the Philippine Ports Authority, the state firm that manages the ports in the country, is pursuing the privatization of at least five major ports outside Manila. The ports include those in Davao, Cagayan de Oro, Surigao, Zamboanga and Iloilo.
Funding will partly come from proceeds generated from the sale of the Mariveles Grain Terminal to La Filipina Uy Gongco Corp. last year, although the amount was not disclosed.
For 2011, the company has allotted close to P2 billion mainly to expand Manila South Harbor, the company’s flagship asset.
ATI also has cargo-handling operations in the Port of Batangas, situated south of Metro Manila, and the Makar wharf in the Port of General Santos in Mindanao.
ATI reported earlier that first quarter net income rose more than 13 percent to P367.73 million while revenues were slightly higher by 1.8 percent, ending the quarter at P1.12 billion.
Shares of the port operator added 0.24 percent to P8.22 each on Friday’s close.
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By: Miguel R. Camus
Source: Business Mirror, Aug. 1, 2011
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