"If there is broad agreement the negotiating committee (CANC) will sign a letter of intent (LOI) with them; after that they have two months to agree on a deal," according to a Ports Authority source.
Close Race
Aitken Spence and PSA Corp combine are in a close race with Hutchison Port Holdings (HPH) for the deal, which will be awarded based on which party offers the highest return on a net present value basis on projected throughput.
In the event that negotiations fall though with the most preferred bidder, the second in line would be able to enter the process.
However the cabinet of ministers has to sanction the bidder and the Attorney General’s department has to grant legal clearance before the CANC can sign an LOI.