KARACHI: Pakistan International Container Terminal Limited (PICT) has entered the logistics services business as part of its future business plan to expand company operations, according to a disclosure filed with the Pakistan Stock Exchange (PSX) on Monday.
The disclosure, made under Sections 96 and 131 of the Securities Act, 2015 and Clause 5.6.1(a) of the PSX Rule Book, said the new business will involve delivering containers from container terminals, transport, cargo handling at container terminals, and last-mile delivery.
PICT said the move is consistent with the company’s existing expertise and operational capabilities, forming part of its long-term growth strategy. The company said it intends to leverage its operational expertise, existing infrastructure, industry knowledge, and customer relationships to provide integrated logistics and container/container terminal management services.
The company said the financial impact of the new business will be limited and will depend on its development and volume going forward.
The logistics expansion follows a change in ownership at PICT. On July 21, Sea Link Group & Associates, including Euroasia Terminals (Pvt.) Limited, acquired an 80.52% stake and control of Pakistan International Container Terminal Limited.
PICT said 87,893,036 shares had been transferred to the acquirer following approval by the company’s Board of Directors. Of these, 87,003,949 shares were transferred under a Share Purchase Agreement between Sea Link Group and ICTSI Limited (Bermuda), while another 889,087 shares were acquired through a public tender offer.
PICT was initially incorporated as a private limited company and primarily provides container terminal management services. It entered into a 21-year Build-Operate-Transfer contract with the Karachi Port Trust for the construction, development, operation and management of a common-user container terminal at Karachi Port, with the agreement commencing on June 18, 2002.
Before the transaction, PICT was a subsidiary of ICTSI Mauritius Limited, with International Container Terminal Services Inc. as its ultimate parent company.
