ICTSI buys more TecPlata shares

As a result of the acquisition, IPSAL now holds 85% of the capital stock, with Loginter SA, the seller, owning the remaining 15% thereby meeting the Argentine government’s requirement that foreign firms partner with local companies.

Signalling ICTSI’s return to Argentina, the company secured a 30-year concession for TecPlata, its on-going port project located just outside and south of Buenos Aires along the River Plate. Expected to start operations before the end of this year, it is the first container terminal in La Plata Port.

The project involves developing an entirely new container terminal with a continuous 850 metre berthing quay along the entrance channel to accommodate post Panamax vessels. This will be supported by a container yard with a capacity to handle more than 1m teu annually. A container freight station for stripping and stuffing containers will also be built.