Karachi: In accordance with Clause (xxiii) of the Listing Regulation No. 35 under Code of Corporate Governance, we are pleased to convey the following information:
Further to our letter dated March 07, 2012, whereby we informed you of the expression of interest by ICTSI Mauritius Limited (“ICTSI”) to acquire between 35% to 55% of the shares in PICT, we wish to inform you that on Friday March 30, 2012, ICTSI entered into a Share Purchase Agreement with the majority shareholders of PICT (together “Seller’s Group”) pursuant to which the Seller’s Group will sell up to 35% of the shares of PICT at Rs. 150 per share subject to acquisition of shares from the public pursuant to a tender offer (“Tender Offer”) that will be made in accordance with the provisions of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002.
The Tender Offer shall be made through a public announcement after the fulfillment of certain conditions precedent and subject to approvals by various regulatory bodies which the acquirer will be approaching in due course.
For more information, contact:
Arsalan I. Khan
Company Secretary
Pakistan International Container Terminal Limited
2nd Floor, Business Plaza,
Mumtaz Hassan Road,
Karachi74000, Pakistan
Tel: (+9221) 32400450-3, 32417933
Fax: (+9221) 32400281-32414492
Website: www.pict.com.pk
E-mail: info@pict.com.pk
Source: Pakistan Company News
