KARACHI: Pakistan International Container Terminal (PICT) has announced that the Concession Agreement with Karachi Port Trust (KPT) has expired on June 17, 2023, and the Concession premises have been taken over by KPT on June 18, 2023.

The terminal operated by the Company at Berths 6 to 9 pursuant to the Concession Agreement was its principal line of business. Resultantly, the fundamentals of future business operations have ceased with the expiry of the Concession Agreement, material information sent to Pakistan Stock Exchange on Monday.

The Company embarked on a review of future business opportunities. The review has been concluded and has not revealed any immediate financially viable business opportunities.

“In accordance with the Concession Agreement between KPT and PICT, PICT is required to keep its legal existence for a minimum of 3 years following the expiry of the Concession Agreement. During this period, the Company will on a regular basis scan the market for any financially attractive business opportunities compatible with related provisions in its constitutional document,” it added.

Presently, the Company is actively involved in a complex handover procedure with KPT, including the smooth transition to the new Concession holder. Works are being performed on a cost compensatory basis, the Company said. “The work also involves efforts to secure future employment opportunities for our employees with the new Concession holder,” it added.

“In furtherance of the developments, our CEO Khurram Khan has tendered his resignation to the Board,” the material information said.

“The Board has accepted Khan’s resignation effective October 16, 2023 and puts on records the Board’s appreciation for Khan’s valuable contribution to PICT. The Board is in the process of filling up a casual vacancy of CEO.”

Copyright Business Recorder, 2023