A Mauritian firm is all set to acquire Pakistan International Container Terminal (PICT), Profit learnt Tuesday. ICTSI Mauritius Limited, a wholly-owned indirect subsidiary of the International Container Terminal Services Inc, is intending to purchase voting shares up to 55 per cent in Pakistan International Container Terminal Limited.
“Disclosure of public announcement of intention to acquire 35 to 55 per cent of voting shares or control of the PICT Limited by ICTSI Mauritius Limited under the Listed Companies (Substantial Acquisitions of Voting Shares and Takeovers) Ordinance, 2002,” said Rafael Jose, Vice President and Treasure of ICTSI in one of its communiqués with the Citibank.
The Citibank N.A. Pakistan has been appointed as a manager to the offer in respect of the proposed acquisition. The acquisition of 55 per cent ordinary shares, accounting for 60,034,234, would put the foreign company in control of PICT, one of Pakistan’s leading container terminals. PICT has already issued 109,153,152 ordinary and 18,000,000 preference shares each priced at Rs10.
The terminal’s major shareholders, include companies as well as individuals that are Premier Mercantile Services (Private) Limited, Jahangir Siddiqui and Company Limited, Captain Haleem A. Siddiqui, Aasim Azim Siddiqui, Danish A Siddiqui, Sharique Azim Siddiquî and Mrs Saba Haleem.
Assuming that per share price for the proposed deal would be Rs10, the acquisition would be of worth over Rs600.342 million.
ICTSI, which is organised under the Mauritian laws, would make public a draft of the public announcement of its intention to buy majority shares in PICT on the 9th of this month.
The company, in compliance with Regulation 6(2) of the listed companies, has submitted the draft to the Securities and Exchange Commission of Pakistan, PICT and KSE, at least two working days before its intended publication.
“Pursuant to Regulation 6(2) of the listed companies (substantial acquisitions of voting shares and takeovers) Regulations, 2008, we enclose for your attention, a copy of the public announcement of intention, which shall be published on 9 March, 2012, in connection with the proposed acquisition,” Aijaz Haq, Citibank’s Country Manager Securities told Karachi Stock Exchange on Tuesday. ICTSI Mauritius Limited is based in the Republic of Mauritius and has two directors on its Board namely Edgardo Q Abesamis and Reemul Giandeo. ICTSI Limited (Bermuda) is the major shareholder. Whereas, PICT’s Board of Directors comprises Captain Haleem A Siddiqui, Sharique Azeem Siddiqui, Asim Azim Siddiqui, Syed Nizam A Shah, Ali Raza Siddiqui, Masood Usmani and Captain Zafar Iqbal Awan, who is the terminal’s Chief Executive Officer.
Mauritian firm acquiring Pakistan International Container Terminal
