ICTSI eyes stake in PICT

ICTSI Mauritius Limited, a wholly-owned indirect subsidiary of International Container Terminal Services, Inc has announced its intention to acquire up to 55 percent of the voting shares of the Pakistan International Container Terminal (PICT). The Citibank N.A., Karachi has been appointed manager to the offer, an information sent to Karachi Stock Exchange here on Tuesday said.
Total numbers of issued shares of the target company include 109,153,152 ordinary shares of Rs 10 each and 18,000,000 preference shares of Rs 10 each. The acquirer intends to acquire up to 55 percent of the ordinary shares of the target company representing 60,034,234 ordinary shares of the company through public offer or agreement.