Sea Link Group acquires 80.52% stake and control of Pakistan International Container Terminal 

Sea Link Group & Associates, including Euroasia Terminals (Pvt.) Limited, has acquired an 80.52% stake and control of Pakistan International Container Terminal Limited (PICT), according to a notice submitted to the Pakistan Stock Exchange (PSX) on Tuesday. 

PICT said 87,893,036 shares had been transferred to the acquirer following approval by the company’s Board of Directors.

The transaction included the transfer of 87,003,949 shares under a Share Purchase Agreement between Sea Link Group and ICTSI Limited (Bermuda).

Another 889,087 shares were acquired through a public tender offer.

PICT said the relevant shares had been transferred in the name of Sea Link Group & Associates, including Euroasia Terminals, completing the change in ownership and control.

Pakistan International Container Terminal Limited was initially incorporated as a private limited company and primarily provides container terminal management services.

The company entered into a 21-year Build-Operate-Transfer contract with Karachi Port Trust for the construction, development, operation and management of a common-user container terminal at Karachi Port. The agreement commenced on June 18, 2002.

Before the transaction, PICT was a subsidiary of ICTSI Mauritius Limited, while its ultimate parent company was International Container Terminal Services Inc.