PICT, located at Karachi port, has a maximum handling capacity of 750,000 TEUs. —File Photo

MANILA: Philippine port operator International Container Terminal Services Inc (ICTSI) said on Monday that its subsidiary has signed a deal to acquire 35 per cent of Pakistan International Container Terminal Ltd (PICT) at an undisclosed price.

ICTSI Mauritius Ltd signed a share purchase agreement with substantial shareholders of the Pakistan container cargo company HS Group and JS Co for the sale of a 35 per cent stake at “a minimum offer price” to be set according to takeover laws in Pakistan, parent ICTSI said in a disclosure to the Philippine Stock Exchange.

It said the transaction, which requires clearance from government agencies in Pakistan, would be completed within a maximum of 180 business days.

In March, ICTSI said it was in talks to acquire 35 to 55 per cent of the issued and paid-up ordinary shares of PICT.

PICT, located at Karachi port, has a maximum handling capacity of 750,000 TEUs. For the fiscal year ended June 2011, the terminal saw an 11 per cent growth in cargo handled to a total 669,806 TEUs compared with the previous year.