THE PANAMANIAN STATE RECEIVES 150 MILLION DOLLARS FROM THE PANAMA PORTS COMPANY AND PROJECTS TO RECEIVE MORE THAN 800 MILLION DURING THE FOLLOWING 25 YEARS

THE PANAMANIAN STATE RECEIVES 150 MILLION DOLLARS FROM THE PANAMA PORTS COMPANY AND PROJECTS TO RECEIVE MORE THAN 800 MILLION DURING THE FOLLOWING 25 YEARS

02 July 2021

 

The Company commits to a minimum payment of 7 million dollars per year.

The Board of Directors of the Panama Maritime Authority, declared itself in permanent session since May 27, 2021, with the purpose of analyzing compliance with Contract Law No. 5 of January 16, 1997, for the development, construction, operation, administration and management of container, ro-ro, passenger, bulk cargo, general cargo terminals with their respective infrastructures, facilities, facilities and physical areas in the Ports of Balboa and Cristóbal, between the State and the company Panama Ports Company, SA

After more than 20 days of permanent session, today June 23, 2021 and after the presentation of the compliance audit reports by the Comptroller General of the Republic of Panama and the General Directorate of Ports and Auxiliary Maritime Industries of the Panama Maritime Authority, in addition to the documentary review and analysis of the income projections to the State, the members of the Board of Directors unanimously acknowledge compliance with the basic conditions of the contract and therefore authorize the Administrator of the Panama Maritime Authority to certify the validity of the second period of the concession contract.

It is important to note that the company Panama Ports Company S.A., has paid fees and charges in this first period of validity B /. 444,978,979.60 million Balboas, has made an investment of B /. 1,696,546,955 million Balboas and has paid nine million Balboas in dividends in previous administrations, according to data from the Comptroller General of the Republic.

During the present presidential administration, in faithful monitoring of the fulfillment of this contract, he managed to make a payment of 130 million Balboas as dividends, 20 million Balboas as social responsibility, plus B /. 14,464,491.35 in fees from July 1, 2019, which totals an income of B /. 164,464,491.35, the highest amount that has been managed in past administrations during the term of this contract.

In this second period of validity, the company must pay the State in dividends a minimum of 7 million dollars per year, which will be formalized through the signing of a shareholders agreement and the rates for container movement will be reviewed and updated. of all terminals

containers of the Republic of Panama which will be effective as of 2022.

Based on the projections of income from tariffs (movement of containers, dockage) and dividends of the aforementioned contract, revenues are estimated for the State, in excess of 800 million balboas during the next 25 years, according to the new negotiations.

The Republic of Panama is confirmed as a faithful guarantor of the Legal Security of the investments that are made in our country while continuing to focus on the continuous search for the best benefits for the state and its citizens.