Deal inked: Global port operator to buy 35% stake in container terminal

KARACHI:

Global port operator International Container Terminal Services Inc has inked a deal to acquire 35% share in Pakistan's only privately-run container cargo terminal, according to notice sent to the Philippine Stock Exchange on Monday.

Pakistan International Container Terminal Limited will sell up to 35% of its shares at Rs150 per share, another notice sent to the Karachi Stock Exchange says.  The current price per share stands at Rs140.13 as per closing on Monday. The port has a maximum handling capacity of 750,000 twenty-foot equivalent container units.

Around 13 million shares will be acquired from Jahangir Siddiqui and Company, a stakeholder of PICT, at Rs150 per share.

Published in The Express Tribune, April 3^rd, 2012.