Philippines’ International Container Terminal Services Inc (ICTSI) expects to spend US$120 million to $150 million to acquire majority control of Pakistan International Container Terminal (PICT), reported Manila Bulletin.
In an interview after the firm's annual stockholders' meeting, ICTSI chairman Enrique Razon said this amount includes the planned tender offer for the shares of the firm held by smaller shareholders.
ICTSI Mauritius Ltd, a wholly-owned indirect subsidiary of ICTSI, had sealed a deal to buy 35 percent of PICT and will soon undertake a tender offer for more PICT shares.
ICTSI said ICTSI Mauritius has signed a share purchase agreement with the HS Group and JS Company, substantial shareholders of PICT, for the purchase of the 35 percent stake.
Under the agreement, ICTSI will offer to purchase the 35 percent stake at a minimum offer price, which shall be determined in accordance with Takeover Laws of Pakistan.
The tender offer will be made through public announcement and undertaken after the fulfillment of certain conditions such as clearance from relevant government agencies in Pakistan.
Other conditions include the issuance of consent from PICT's lenders, fulfillment of certain pre-completion covenants by the sellers, non-occurrence of any material adverse change, and a determination that the warranties from the sellers are correct in all material respects.
The completion of the transaction is also subject to the fulfillment of certain conditions including the issuance of a certificate to the effect that ICTSI Mauritius has fulfilled all its obligations under the Takeover Laws in respect to the offer for tendered shares.
PICT, a company that is listed in the Karachi Stock Exchange, is a container cargo terminal located at the Karachi Port in Pakistan. It has a maximum handling capacity of 750,000 TEUs.
In an interview after the firm's annual stockholders' meeting, ICTSI chairman Enrique Razon said this amount includes the planned tender offer for the shares of the firm held by smaller shareholders.
ICTSI Mauritius Ltd, a wholly-owned indirect subsidiary of ICTSI, had sealed a deal to buy 35 percent of PICT and will soon undertake a tender offer for more PICT shares.
ICTSI said ICTSI Mauritius has signed a share purchase agreement with the HS Group and JS Company, substantial shareholders of PICT, for the purchase of the 35 percent stake.
Under the agreement, ICTSI will offer to purchase the 35 percent stake at a minimum offer price, which shall be determined in accordance with Takeover Laws of Pakistan.
The tender offer will be made through public announcement and undertaken after the fulfillment of certain conditions such as clearance from relevant government agencies in Pakistan.
Other conditions include the issuance of consent from PICT's lenders, fulfillment of certain pre-completion covenants by the sellers, non-occurrence of any material adverse change, and a determination that the warranties from the sellers are correct in all material respects.
The completion of the transaction is also subject to the fulfillment of certain conditions including the issuance of a certificate to the effect that ICTSI Mauritius has fulfilled all its obligations under the Takeover Laws in respect to the offer for tendered shares.
PICT, a company that is listed in the Karachi Stock Exchange, is a container cargo terminal located at the Karachi Port in Pakistan. It has a maximum handling capacity of 750,000 TEUs.