ICTSI unit acquires 35% of Pakistan port operator

MANILA, Philippines - ICTSI Mauritius Ltd., a unit of International Container Terminal shareholders Services Inc., is acquiring 35 percent of Pakistan International Container Terminal Ltd. (PICT) for a still undisclosed price.

In a disclosure to the stock exchange yesterday, ICTSI said it would make a tender offer for the remaining shares held by other PICT parties and provides for a maximum of 180 business days for the transaction to be completed.

Listed on the Karachi Stock Exchange, PICT is a container cargo terminal located at Karachi Port in Pakistan with a maximum handling capacity of 750,000 twenty-foot equivalent container units (TEUs).

For the fiscal year ending June 30, 2011, PICT handled a total of 669,806 TEUs or 11 percent higher year-on-year.

Under the deal, ICTSI Mauritius will offer to purchase the shares at a minimum offer price which shall be determined in accordance with the takeover laws of Pakistan.

The tender offer shall be subject to the fulfillment of certain conditions such as clearance from relevant government agencies in Pakistan, issuance of consent from PICT’s lenders, and a determination that the warranties from the sellers are correct in all material respects.

Citibank N.A. advised ICTSI Mauritius in the transaction.

ICTSI reported a 33-percent rise in net earnings last year to $130.5 million, mainly due to increased revenues and lower financing charges, as well as a one-time gain on sale of non-core assets.

ICTSI sold its 16.79-percent stake in Portek International Ltd. and booked a one-time equity tax charge.

Gross revenues went up 26 percent to $664.8 million from $527.1 million while EBITDA rose 14 percent to $281.4 million.

Headquartered in Manila, ICTSI is one of the world’s leading port management companies, operating 22 marine terminals and port projects in 17 countries.