Sea Link eyes to acquire majority stake in Pakistan International Container Terminal

Pakistan International Container Terminal Limited (PICT) announced on Wednesday that it had received a notice regarding a potential acquisition of at least 83.41% of its issued and outstanding ordinary shares, including 8.43% shareholding, from Sea Link Limited.

PICT shared in a notice to the Pakistan Stock Exchange (PSX) today.

The company said it had received the offer from KTrade Securities Limited on behalf of Sea Link Limited, Seychelles.

In the same notice, PICT informed the bourse that KTrade was appointed as “Manager to the Offer by Sea Link”.

As per the document, Sea Link’s principal line of business is to operate and carry on the business of container freight stations, container terminal operators, carrier container terminal operations, transportation of goods and passengers, domestic and international freight forwarding and all logistics services, including courier services.

The PICT said that the acquisition is subject to regulatory approvals, including clearance of fit and proper criteria from the PSX Limited and the Securities and Exchange Commission of Pakistan.

The notice said the public offer may be withdrawn if required approvals are not granted.