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MANILA - International Container Terminal Services Inc. on Friday said it has completed the acquisition of a 35 percent stake in a container cargo terminal in Pakistan.
In a disclosure to the Philippine Stock Exchange, ICTSI said it was informed by its unit ICTSI Mauritius Ltd. that all the conditions precedent to completion of the acquisition as stipulated under the share purchase agreement with Pakistan International Container Terminal Ltd. have been fulfilled.
"Thus ICTSIML completed today its acquisition of 35 percent of the total issued capital of PICT," ICTSI said.
In line with the agreement, ICTSIML has made a tender offer at the Karachi Stock Exchange for the purchase of all outstanding shares in PICT at a price of PKR150 per share.
ICTSI had planned to increase its stake in PICT to 55 percent.
The Karachi port has a maximum handling capacity of 750,000 twenty-foot equivalent container units. For the fiscal year ending June last year, PICT handled a total of 669,806 TEUs, equivalent to an 11 percent growth year-on-year.
ICTSI reported a net income of $130.5 million last year, up 33 percent over the $98.3 million earned in 2010.
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