ICTSI sees paying US$150 million to control Karachi container terminal

2012 04 21

Details

MANILA's International Container Terminal Services Inc (ICTSI) may spend up to US$150 million to acquire Karachi's Pakistan International Container Terminal Ltd (PICT), reports the Philippines Business Mirror.

ICTSI disclosed that it had signed an agreement to acquire 35 per cent of PICT without disclosing the price. The Karachi-listed port operator set a market value of $178 million, according to recent filings with the Karachi Stock Exchange.

"The cost of acquiring 51 per cent is between $120 million and $150 million," ICTSI chairman and president Enrique Razon told reporters on the sidelines of the company's annual stockholders' meeting. "Their terminal is reaching capacity so our plan is to expand it. The market is growing very fast there."

PICT has an annual capacity of 750,000 TEU, having handled 669,806 TEU in fiscal year 2011, representing an 11 per cent growth over 2010. ICTSI extended its holdings to 23 terminals in 17 countries at the end of 2011.

ICTSI is increasing its capital spending budget more than two times this year to $550 million, with $345 million of that amount to be spent on greenfield projects in Argentina, Mexico and Columbia, said the report.

Mr Razon said he is also looking to Africa, the Middle East and Latin America as potential expansion sites. ICTSI last year reported a 33 per cent increase in its net profit to $130.5 million, up from $98.3 million in 2010, including non-recurring gains from an asset sale.

Revenues from port operations for the year increased 26 per cent to $664.8 million from the $527.1 million in 2010, the company said earlier.

Based on ICTSI share value, the company's market value is US$3.09 billion, said the report.

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