ICTSI launches bid for Pakistan port

MANILA, Philippines - International Container Terminal Services Inc. (ICTSI) has commenced a public tender offer for the outstanding shares of Pakistan International Container Terminal Inc. (PICT).

PICT has a maximum handling capacity of 750,000 twenty-foot equivalent container units.

ICTSI has offered to buy the shares at 150 rupees ($1.6) per share. The tender offer will run until Oct. 10 unless extended.

The mandatory tender offer is pursuant to the definitive share purchase agreement dated March 30 relating to the acquisition of up to 35 percent of the outstanding shares in PICT.

ICTSI is a leading port management company involved in the operations of 24 maritime terminals and port projects in 17 countries, with six ports in the Philippines and one terminal each in Indonesia, Brunei, India, China, Japan, United States, Ecuador, Brazil, Poland, Georgia, Croatia, Syria and Madagascar. It also has ongoing port development projects in Mexico, Colombia and Argentina.

Last month, ICTSI completed the acquisition of a port facility located in Jakarta’s Tanjung Priok area, adding it to its growing terminal portfolio.

ICTSI also acquired stakes in major cargo ports in the Middle East and Nigeria in Africa.

The company has earmarked $550 million this year for capital expenditures – more than double what it spent in 2011.

About $345 million of the capital budget will go to greenfield projects in Argentina, Mexico and Colombia.