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| Pier T Container Terminal in Long Beach, California with intermodal rail in the foreground and gantry cranes behind that (Photo credit: Wikipedia) |
International Container Terminal Services, Inc. (ICTSI) has completed the purchase of 35-percent stake in Pakistan International Container Terminal Ltd. (PICT).
PICT is a container cargo terminal located at the Karachi Port in Pakistan with a maximum handling capacity of 750,000 20-foot equivalent container units (TEUs).
The acquisition was made by ICTSI’s indirect wholly-owned unit ICTSI Mauritius Ltd.
ICTSI Mauritius earlier launched a tender offer to acquire all the shares of PICT at a price of 150 Pakistan rupees per share (about P65.04).
The company is expected to gain control of 55 percent of PICT after the tender offer.
Premier Mercantile Services Ltd., currently the controlling shareholder of PICT, is seen to keep a 40 percent stake. It was awarded a 21-year concession to build and operate a dedicated container terminal at Berths 6-9 in Karachi Port in April 2002.
PICT was subsequently formed to serve as the corporate vehicle for the project.
ICTSI earlier said it was ready to invest $95 million in PICT, which handled a total of 669,806 TEUs for the fiscal year ending June 30.
ICTSI is a leading port management company involved in the operations of 24 maritime terminals and port projects in 17 countries with six ports in the Philippines, and one terminal each in Indonesia, Brunei, India, China, Japan, United States, Ecuador, Brazil, Poland, Georgia, Croatia, Syria and Madagascar.
It also has ongoing port development projects in Mexico, Colombia and Argentina.
ICTSI recently completed the acquisition of a port facility located in Jakarta’s Tanjung Priok area, adding it to its growing terminal portfolio. It also acquired stakes in major cargo ports in the Middle East and Nigeria in Africa.
The company has earmarked $550 million this year for its capital expenditures- more than double what it spent in 2011.
http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=861273
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