Philippines-based International Container Terminal Services Inc (ICTSI) has raised its stake in Pakistan International Container Terminal (PICT) to 41.6 percent as part of the company's global expansion plan, reported Dow Jones Newswires.
ICTSI Mauritius signed an agreement to acquire 7.2 million shares, or a 6.6 percent stake, in PICT from Jahangir Siddiqui & Co, ICTSI said in a statement to the Philippine Stock Exchange.
The company didn't disclose financial details of the deal, which comes less than a month after ICTSI Mauritius entered the Pakistani market when it completed the acquisition of a 35 percent stake in PICT.
ICTSI said earlier it was looking to buy up to 55 percent of PICT, which is publicly listed and has a maximum annual handling capacity of 750,000 TEUs.
ICTSI operates container terminals and port projects in 17 countries.
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