ICTSI raises ownership in Pakistan port operator to 64.38%

International Container Terminal Services Inc. (ICTSI) has raised its direct and indirect ownership in Pakistan International Container Terminal Ltd. (PICT) to 64.38 percent. In a disclosure to the Philippine Stock Exchange, ICTSI said that its wholly owned offshore subsidiary ICTSI Mauritius Limited purchased an additional 86,900 shares of PICT from the Karachi stock market. The stocks represent 0.08 percent of PICT's total issued capital. PICT, a listed company on the Karachi Stock Exchange, owns and operates a container cargo terminal at the Karachi Port. The terminal has a maximum handling capacity of 750,000 twenty-food equivalent container units (TEUs). ICTSI Mauritius also entered into a share purchase agreement for the purchase of British Virgin Islands-registered firm Crixus Limited, which owns PICT shares representing 0.71 percent of PICT's total issued capital. Global port operator ICTSI is led by magnate Enrique Razon and directly operates the Manila International Container Terminal at the Port of Manila. It also owns or operates facilities in China, Ecuador, Poland, Brazil, Madagascar, Syria, Georgia, Brunei, Indonesia, Japan, India, Colombia, Argentina, Croatia, Mexico and the United States. — BM, GMA News