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, Reuters reports. 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 Stock Exchange.
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.
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.