Manila's ICTSI unit builds new $250 mln terminal in Mexico

MANILA Jan 16 (Reuters) - Philippine port operator International Container Terminal Services Inc (ICTSI) said on Monday its Mexican unit has started constructing a $250 million container terminal in Mexico to be completed in 18 to 24 months.

ICTSI told the stock exchange its Contecon Manzanillo S.A. unit was building the Specialised Container Terminal 2 at Port of Manzanillo on Mexico's Pacific coast.

It holds a 34-year concession to develop and operate a second terminal at Port Manzanillo after winning a 2009 bid.

"The development of the port will be done in three phases, with phase one designed to have an estimated annual capacity of 450,000 twenty-foot equivalent units with two berth positions," it said.

ICTSI operates in the Philippines, China, Ecuador, Poland, Brazil, Madagascar, Syria, Georgia, Brunei, Indonesia, Japan, India, Colombia, Argentina, Croatia, Mexico and the United States.

Shares in ICTSI ended the morning session down 0.5 percent in a market that fell 0.4 percent. (Reporting by Erik dela Cruz)