Hutchison Relinquishes Ecuador Port Management

28 July 2009 (Last Updated July 28th, 2009 18:30)

Hong Kong’s Hutchison Port Holdings (HPH) has agreed to relinquish management of Manta Port in Manabi Province, Ecuador, to the Manta Port Authority. HPH will transfer to APM all its assets at the port in addition to $5m share capital in Terminales Internacionales de Ecuador (TIDE), wh

Hong Kong’s Hutchison Port Holdings (HPH) has agreed to relinquish management of Manta Port in Manabi Province, Ecuador, to the Manta Port Authority.

HPH will transfer to APM all its assets at the port in addition to $5m share capital in Terminales Internacionales de Ecuador (TIDE), which handled the concession.

HPH will hand over more than $1m in tax breaks to the government, deposit another $2m in TIDE’s account and surrender all rights to the $18m investment in the port.

APM will be authorised to use the installed software for port operations up to mid-2010 and it will also be responsible for the share transfer, which is likely to end next month.