MANILA, Philippines – Enrique Razon led International Container Terminal Services Inc (ICTSI) signed a share purchase agreement to acquire 35% of a container cargo terminal in Pakistan’s main port of Karachi.
In a disclosure to the Philippine Stock Exchange on April 2, ICTSI did not disclose an exact share price but said it would offer to purchase issued and paid-up ordinary shares of Pakistan International Container Terminal Limited (PICT) at a minimum offer price, which shall be determined by the Takeover Laws of Pakistan.
The completion of the transaction is still dependent upon a number of conditions including, clearance from relevant government agencies in Pakistan, fulfillment of certain pre-completion covenants by the Sellers and verification the warranties of the Sellers are correct.
Under the share purchase agreement signed on March 30, 2012, ICTSI has 180 business days to complete the transaction.
ICTS increased its 2011 revenue 26% to $664.8 million from $527.1 million, which the company attributed to the continued growth in international trade, particularly in areas where it has ports.
Of ICTSI’s 22 terminal facilities, 6 are in the Philippines. It’s other ports span the globe and are located in China, Ecuador, Brazil, Poland, Madagascar, Syria, Georgia, Brunei, Indonesia, Japan, Colombia, India, Argentina, Croatia, Mexico and the U.S.
The Pakistan cargo terminal has a maximum handling capacity of 750,000 Twenty-Foot Equivalent Container Units, and handled 11% more traffic in 2011, reaching 669,806 units. – Rappler.com