Philippine ICTSI Signs Concession To Run Madagascar Port

MANILA (Dow Jones)--International Container Terminal Services Inc. (ICT.PH), or ICTSI, said Thursday it signed deal for a 20-year concession to operate the Port of Toamasina, the main container port in Madagascar.

Philippine port operator ICTSI said it will formally start the exclusive cargo-handling concession at the Toamasina container port within four months. ICTSI said it formed a new company, Madagascar International Container Terminal Services Ltd., to manage and operate the container port.

ICTSI didn't provide financial details of the concession, nor of the investments it plans to make in the Madagascar port.