A wholly owned subsidiary of International Container Terminal Services Inc. (ICTSI) has acquired an additional 8.73 percent stake in Pakistan International Container Terminal Ltd. (PICT), which handles 85 percent of the Arabian/Persian Gulf market.
In a stock exchange filing, ICTSI said it completed the acquisition after 9.53 million PICT shares were crossed in the Pakistan Stock Exchange.
Following the transaction, ICTSI Mauritius Limited’s ownership in PICT increased from 71.68 percent to 80.41 percent.
PICT operates berths 6 to 9 at the east wharf of the Karachi Port in Pakistan’s largest metropolitan city and capital of Sindh province.
It earlier hit a milestone with the handling of 10 million twenty-foot equivalent units since commencing operations in 2002.