The International Container Terminal Services Inc. (ICTSI) has increased its stake in its Port of Karachi operation in Pakistan.
The company said its unit ICTSI Mauritius Ltd. acquired an additional 7.15 percent stake in Pakistan International Container Terminal Limited (PICT), operator of the Port of Karachi terminal, covering 7.8 million shares crossed through the Pakistan Stock Exchange.
The transaction increased ICTSI Mauritius’s ownership in PICT to 71.68 percent from 64.54 percent.
In September, ICTSI said the Port of Karachi operation marked a milestone with the handling of its 10-millionth twenty-foot equivalent unit (TEU) since commencing operations in 2002.
Khurram Aziz Khan, PICT chief executive officer, said the 10 million TEU milestone is the company’s expression of commitment to supporting the economic resilience of the country.
PICT operates berths 6 to 9 at the East Wharf of the Karachi Port. It is the preferred terminal for the Indian subcontinent trade routes, offering connections to Central Asia, Afghanistan, and the Western China hinterlands.
