ICTSI to acquire stake in PICT – Alfalah Securities Limited

Karachi: ICTSI Mauritius Limited, a wholly‐owned indirect subsidiary of International Container Terminal Services, Inc has informed KSE that the company has entered into a Share Purchase Agreement (SPA) with majority shareholders of Pakistan International Container Terminal (PICT) to purchase up to 35% (approx. 44.5 million shares) of PICT’s stake at PkR 150 per share.

According to Alfalah Securities Limited, ICTSI Mauritius Ltd. had earlier announced its intention to acquire between 35%‐55% of the voting shares in PICT through public offer or agreement. Jahangir Siddiqui and Co. Limited (JSCL), one of the PICT’s majority shareholders, has notified that the company would sell a minimum of 13 million shares of PICT to ICTSI Mauritius Limited at the above stated price.

PICT has a total paid up capital of PkR 1.271 billion and asset size of PkR 8.6 billion as of December 31, 2011. It is trading at a high estimated FY12E P/E of 12.74x therefore Alfalah Securities Limited recommends a Hold on the stock.

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