Peter T. Leach, Senior Editor | Apr 02, 2012 1:34PM EDT
Philippine terminal operator International Container Terminal Services is buying a minority stake in a terminal in Pakistan’s largest port, Karachi.
ICTSI said in a disclosure to the Philippine Stock Exchange that its subsidiary, ICTSI Mauritius, signed an agreement with the HS Group and JS Co. for the purchase of a 35 percent stake in the Pakistan International Container Terminal.
The transaction would involve a tender offer in the Karachi Stock Exchange. “ICTSI Mauritius will offer to purchase the shares at a minimum offer price that will be determined in accordance with the takeover laws of Pakistan,” the company said.
The transaction is subject to the approval of Pakistan regulators and PICT’s creditors.
PICT has an annual capacity of 750,000 20-foot equivalent container units. For the fiscal year ending June 2011, the terminal handled 669,806 TEUs, an increase of 11 percent year-over-year.
In addition to extensive domestic operations in the Philippines, ICTSI also has a presence in 16 other countries. Last month, it signed a 20-year concession to operate a new container terminal in Lagos, Nigeria.
In January, ICTSI successfully raised $150 million in perpetual bonds that were consolidated into a similar offering issued a year earlier. The company said the extra funds were for further acquisitions.
ICTSI reported a 2011 net profit of $130.5 million, an increase of 33 percent year-over-year, on revenue that was up 26 percent to $664 million.
Contact Peter T. Leach at pleach@joc.com. Follow him on Twitter @petertleach.