International Container Terminal Services Inc. (ICT.PH) Friday said one of its units has increased its stake in Pakistan International Container Terminal Ltd. (PICT.KA) to more than a majority. The Philippine port operator said ICTSI Mauritius Ltd. bought the 15.72% stake of British Virgin Islands-registered Aeolina Investments Ltd., raising its interest to 63.59%.
ICTSI didn't disclose financial details of the acquisition.
PICT has a market capitalization of around 24.56 billion Pakistan rupees ($251.2 million). It owns and operates the container cargo terminal at Karachi Port, which has an annual handling capacity of 750,000 twenty-foot equivalent container units.
ICTSI also said its board has approved the appropriation of $83 million of retained earnings for domestic and foreign expansion in 2013.
Source: Fox Business
Editor’s Note: Previously, ICTSI acquired shares in PICT at PKR 150 per share
