Philippine port operator International Container Terminal Services Inc (ICTSI) said on Monday that its subsidiary has signed a deal to acquire 35 percent of Pakistan International Container Terminal Ltd (PICT) at an undisclosed price.
ICTSI Mauritius Ltd signed a share purchase agreement with substantial shareholders of the Pakistan container cargo company HS Group and JS Co for the sale of a 35 percent stake at "a minimum offer price" to be set according to take-over laws in Pakistan, parent ICTSI said in a disclosure to the Philippine Stock Exchange.
It said the transaction, which requires clearance from government agencies in Pakistan, would be completed within a maximum of 180 business days. In March, ICTSI said it was in talks to acquire 35 to 55 percent of the issued and paid-up ordinary shares of PICT.