Philippine-based port operator International Container Terminal Service, Inc (ICTSI) recently completed its 35% stake acquisition in Pakistan International Container Terminal Limited (PICT), a company listed in the Karachi Stock Exchange Guarantee Limited.
It may be recalled that on March 30, 2012, ICTSI through subsidiary ICTSI Mauritius Limited (ICTSIML) signed a definitive share purchase agreement (SPA) with PICT’s substantial shareholders for acquisition of up to 35% of the company’s outstanding shares.
Pursuant to the SPA, ICTSIML made a tender offer at the Karachi Stock Exchange to purchase outstanding shares in PICT at a price of PKR150 per share.
All conditions precedent to completion of the acquisition as stipulated in the SPA have been fulfilled, paving the way for the acquisition, ICTSIML informed ICTSI.
PICT operates a container terminal in Karachi with a maximum handling capacity of 750,000 twenty-foot equivalent units. Last year, it handled 669,806 TEUs, up 11% over the previous year.
ICTSI has been scouring the globe for possible takeover or joint ventures to expand its current port portfolio. Before PICT, ICTSI inked an agreement to manage and operate Lekki port in Nigeria.
ICTSI is also improving its foreign terminals to meet increasing demand. Just recently, it announced expansion at Baltic Container Terminal in Gdynia Port in Poland and the Adriatic Gate Container Terminal in Croatia.
Photo from www.pict.com.pk
