MANILA - Diversified Conglomerate San Miguel Corporation (SMC) and Japan's Tsusho Corp. are expected to complete the purchase of the Mariveles Grains Terminal (MGT) next month.

The bulk grain terminal, located in Bataan, was valued at P1.6 billion.

"Documentation is expected to be completed very soon," SMC president Ramon Ang said Thursday.

Asian Terminals Inc. (ATI) currently holds the right to develop and operate MGTl for 20 years under an agreement with the Philippine Ports Authority.

"We will takeover. It's good because it has synergy with what we are doing right now. And there's still a lot we can do there in addition to the feed mill that has a 500,000 metric tons per year capacity," Ang noted.

MGT has been in operation since 1996. It can handle deliveries from Panamax vessels at a rate of 8,000 to 10,000 metric tons per day. A second barge/ship loader has an outloading capacity of 300 metric tons per hour and accommodates smaller vessels of up to 6,000 DWT.

SMC first signified interest to acquire the terminal in the early 1990s but failed to close negotiations with ATI.