ICTSI unit raises stake in Pakistan terminal to 71.7%

A SUBSIDIARY of International Container Terminal Services, Inc. (ICTSI) has acquired an additional 7.15% stake in Pakistan International Container Terminal Ltd. (PICT), the Enrique K. Razon, Jr.-led port operator said on Wednesday.

“ICTSI Mauritius Ltd., a wholly-owned subsidiary of ICTSI, today concluded the acquisition of an additional 7.15% stake in PICT after 7,800,000 ordinary shares were crossed in the Pakistan Stock Exchange,” ICTSI said in a disclosure to the stock exchange.

The company said the transaction has increased ICTSI Mauritius’s ownership in PICT from 64.54% to 71.68%.

On its website, ICTSI said PICT is part of the larger Karachi Port in Pakistan’s largest metropolitan city, and capital of Sindh province.

PICT, located at the east wharf of the Karachi Port, handles 85% of the Arabian/Persian Gulf market, including industrial scrap, according to ICTSI.

ICTSI recently reported an 89% increase in its second-quarter net income, exceeding its 2019 pre-pandemic performance.

The company’s net income for the second quarter was $118.2 million, up from $62 million in 2020 and $65 million in 2019.

Its attributable net income for the quarter climbed 98% to $106.6 million from $53.8 previously. Total revenues rose 28% to $447 million.

The results were driven by favorable market conditions and prudent actions taken by the company at the onset of the pandemic, Mr. Razon said in a statement.

ICTSI shares closed 1.44% lower at P192.20 apiece on Wednesday. — Arjay L. Balinbin