Manila: The Philippines’ International Container Terminal Services Inc (ICTSI) has raised its stake in Pakistan International Container Terminal (PICT) by 6.6% by buying 7.2m shares from Jahangir Siddiqui & Co Ltd for an undisclosed price.
ICTSI earlier acquired a 35% interest in PICT. The new deal brings its interest in the port operator to 41.6%. It had earlier said it aimed to control a 55% stake in the Karachi facility which has an annual handling capability of 750,000 teu. ICTSI’s nine-month profits inched up 4% to $101.4m, the company announced today. [08/11/12]