KARACHI, April 2: Majority shareholders in Pakistan International Container Terminal Limited (PICT) have entered into an agreement with a foreign entity, ICTSI Mauritius Limited a company incorporated under the laws of Mauritius for the sale of 35 per cent shares at a price of Rs150 per share. The agreement was signed on March 30, 2012.

PICT is quoted on the ‘Industrial Transportation’ sector of the Karachi Stock Exchange with paid-up capital at Rs1091.53 million. At the face value of Rs10 per share, the number of outstanding shares in the company amount to 109.153 million.

Sold at Rs150 per share, the 35 per cent (38.2 million shares) values the deal at Rs5.730 billion. “It will amount to inflow of $64 million into the country”, commented an analyst.

PICT informed the KSE on Monday that ICTSI Mauritius Limited had expressed its interest to acquire between 35 to 55 per cent shares in PICT. The sale of shares was subject to acquisition of public stake through a tender offer which would be made in accordance with the provisions of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002.

“The Tender Offer shall be made through a public announcement after the fulfillment of certain conditions precedent and subject to approvals by various regulatory bodies which the acquirer would be approaching in due course,” the company stated.

Earlier on March 6, 2012 PICT had told the KSE that it had been notified of ICTSI’s proposed acquisition of up to 55 per cent of the voting shares in PICT, representing 60 million shares of the company.

In another notice released on Monday, Jahangir Siddiqui and Co Limited (JSCL) said that it had signed share Purchase Agreement with ICTSI Mauritius for sale of shares of PICT.

Under the agreement JSCL would sell minimum of 13 million shares in PICT at a price of Rs150 per share. All of it was of course subject to the regulatory approvals by ICTSI Mauritius. In addition, JSCL has also signed shareholders Agreement with ICTSI Mauritius and Premier Mercantile Services (Pvt) Ltd.

Under the Shareholders Agreement, the parties have agreed on the terms and conditions of the constitution, shareholding and management of PICT and their relationship inter se.