MANILA, April 2 Philippine port operator
International Container Terminal Services Inc (ICTSI)
said on Monday that its subsidiary has signed a deal to acquire
35 percent of Pakistan International Container Terminal Ltd
(PICT) at an undisclosed price.
ICTSI Mauritius Ltd signed a share purchase agreement with
substantial shareholders of the Pakistan container cargo company
HS Group and JS Co for the sale of a 35 percent stake at "a
minimum offer price" to be set according to takeover laws in
Pakistan, parent ICTSI said in a disclosure to the Philippine
It said the transaction, which requires clearance from
government agencies in Pakistan, would be completed within a
maximum of 180 business days.
In March, ICTSI said it was in talks to acquire 35 to 55
percent of the issued and paid-up ordinary shares of PICT.
PICT, located at Karachi port, has a maximum handling
capacity of 750,000 TEUs. For the fiscal year ended June 2011,
the terminal saw an 11 percent growth in cargo handled to a
total 669,806 TEUs compared with the previous year.
ICTSI has been actively expanding outside of the
Philippines. In January, it said it had started constructing a
$250 million container terminal in Mexico.
(Reporting by Rosemarie Francisco; Editing by Chris Lewis)