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ICTSI makes deal with landowners hurt by port development in PNG
AFFECTED community landowner groups in Lae, Papua New Guinea have signed an agreement with Manila's International Container Terminal Services Inc (ICTSI) through the ICTSI Foundation and ICTSI subsidiary South Pacific International Container Terminal Ltd (SPICTL) as a "first step towards moving the joint ICTSI-community project in Lae".
The agreement, which was signed together with AHI Investments Ltd (AHI) and Labu Holdings Ltd (LABU), establishes a collaborative framework in support of ICTSI's port project in Lae. ICTSI earlier signed 25-year concessions to operate ports in Lae and Motukea.
ICTSI Asia Pacific head Christian Gonzalez said in a company statement: "We are committed to developing the new Lae terminal into a world class facility and the best in South Pacific. We will not only be investing in ship-to-shore gantry cranes and the highest levels of information technology but, most importantly, into training and human capital."
Said SPICT chief executive Edward Muttiah: "We are delighted to have local stakeholders on board so that we can be truly effective and successful."
The MoA also affirms the Subscription and Shareholders Agreement (SSA) included in the terminal operating agreement (TOA) with PNG Ports Corporation Ltd for the port of Lae. Under the SSA, AHI and LABU will each have a 15 per cent share subscription in SPICTL.
In terms of labour, SPICTL will source its workforce from AHI and LABU.
The ICTSI Foundation will work closely with the AHI Hope Foundation and member of parliament for the Lae open electorate John Rosso in implementing community service projects on law and order, health, waste management and education.
The agreement, which was signed together with AHI Investments Ltd (AHI) and Labu Holdings Ltd (LABU), establishes a collaborative framework in support of ICTSI's port project in Lae. ICTSI earlier signed 25-year concessions to operate ports in Lae and Motukea.
ICTSI Asia Pacific head Christian Gonzalez said in a company statement: "We are committed to developing the new Lae terminal into a world class facility and the best in South Pacific. We will not only be investing in ship-to-shore gantry cranes and the highest levels of information technology but, most importantly, into training and human capital."
Said SPICT chief executive Edward Muttiah: "We are delighted to have local stakeholders on board so that we can be truly effective and successful."
The MoA also affirms the Subscription and Shareholders Agreement (SSA) included in the terminal operating agreement (TOA) with PNG Ports Corporation Ltd for the port of Lae. Under the SSA, AHI and LABU will each have a 15 per cent share subscription in SPICTL.
In terms of labour, SPICTL will source its workforce from AHI and LABU.
The ICTSI Foundation will work closely with the AHI Hope Foundation and member of parliament for the Lae open electorate John Rosso in implementing community service projects on law and order, health, waste management and education.
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