ICTSI prepares for transition as Karachi terminal concession draws to a close

Ultra bilyonaryo Enrique Razon’s International Container Terminal Services Inc. (ICTSI) announced that its container terminal concession in Karachi, Pakistan will come to an end on June 17.

The port operator informed the stock exchange that the concession will revert to the port authority, effectively transferring control from ICTSI to the Karachi Port Trust.

ICTSI also revealed that its subsidiary, Pakistan International Container Terminal (PICT), has expressed its readiness to offer operations and management services beyond June 16, 2023, if required by the Karachi Port Trust.

PICT will evaluate its right of first refusal when the terminal is put up for tender for a new term.

ICTSI clarified that all non-concession assets, including equipment and IT systems, will remain the property of PICT.

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