Longshore & Shipping News

Despite the plan of global port operator, International Container Terminal Services Inc (ICTSI) to increase its share in Pakistan International Container Terminal (PICT) to 55%, Director Aasim A Siddiqui said the multi-million-dollar investment should be seen as a joint venture instead of a takeover.

He also said that this was in the best interest of the shareholders.

Talking to The Express Tribune, Siddiqui said ICTSI was likely to become the majority shareholder in PICT once the tender offer expired on October 10. The mandatory tender offer is being made pursuant to the definitive Share Purchase Agreement between ICTSI and controlling shareholders of PICT for the acquisition of up to 35% outstanding shares.

From the Express Tribune