ICTSI raises stake in Pakistan port

Richmond Mercurio – The Philippine Star

October 13, 2021 | 12:00am

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MANILA, Philippines — International Container Terminal Services Inc. (ICTSI) of tycoon Enrique Razon has increased anew its stake in a Pakistan port operator, raising the company’s ownership by a total of nearly 16 percent in a span of one week.

ICTSI in a stock exchange filing yesterday said wholly owned subsidiary ICTSI Mauritius Ltd. concluded the acquisition of an additional 8.73 percent stake in Pakistan International Container Terminal Ltd. (PICT).

ICTSI Mauritius completed the acquisition after 9.53 million ordinary shares were crossed in the Pakistan Stock Exchange.

The transaction has raised ICTSI Mauritius’ ownership in PICT from 71.68 percent to 80.41 percent.

Just last Wednesday, ICTSI announced the completion of its acquisition of a 7.15 percent stake in PICT, which previously hiked its ownership to 71.68 percent.

PICT is part of ICTSI’s portfolio of terminals and projects located in developed and emerging market economies in Asia- Pacific, the Americas, and Europe, the Middle East and Africa.

It operates Berths 6 to 9 at the East Wharf of the Karachi Port and is the preferred terminal for the Indian subcontinent trade routes.

The common-use terminal offers connections to Central Asia, Afghanistan and the Western China hinterlands.

PICT recently marked a milestone with the handling of its 10-millionth TEU since commencing operations in 2002.

ICTSI posted a net income attributable to equity holders of $196.7 million in the first semester, 73 percent more than the $113.4 million recorded in the same period last year, on the back of higher volume, revenues and EBITDA.



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