APM Terminals to sign new concession agreement for Guatemalan port concession

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APM Terminals to sign new concession agreement for Guatemalan port concession

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APM Terminals and the Government of Guatemala are aiming to sign a new concession agreement for the development of Quetzal port container terminal. 

According to sources, APM will have pay US$43.2 million as compensation after Grup Maritim TCB, now owned by APM, won the concession contract in a process with irregularities.

This reparation payment will open the door to a new concession agreement after the annulment of the previous contract due to the infringements in the competitive tender and other illegal activities.

APM Terminals announced in early March the completion of the US$1 billion acquisition of Grup Maritim TCB’s port and rail interests.

Additionally, in early June, we informed that the Guatemala Prosecution Attorney took control of the container terminal in order to audit the company in charge of the concession.

According to sources, there were evidences of an illegal money laundering framework operating at the terminal.

The development of the new Puerto Quetzal Container Terminal involves two phasesPhase one consists of the construction of 300 metres of pier with a depth of 12.5 metres and yard area of 13 hectares. The second phase will involve the yard extension of up to 21 hectares and 540 metres of pier with a depth of 14 metres. The infrastructure will include four STS gantry cranes, a mobile harbour crane and twelve RTGs.

Under the proposed new concession deal, APMT would in addition set up a US$6 million X-ray container scanning system. 

In March 2014, we informed that TCB was seeking support of the International Finance Corporation (IFC) for the project.

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