Sea Link Group targets control of PICT in major takeover bid

April 28, 2026 (MLN): Sea Link Group Limited, a Seychelles-registered logistics and shipping firm backed by Pakistani executives Bilal Shahid and Umer Shahid, has launched a move to acquire at least 83.41% stake and control of Pakistan International Container Terminal Limited (PICT), according to a public announcement filed with regulators.

KTrade Securities Limited, acting as manager to the offer, said the acquirer plans to publish the public announcement in both English and Urdu newspapers by April 30, subject to regulatory approvals.

The transaction, structured under Pakistan’s Securities Act 2015 and takeover regulations, will be contingent on clearance from the Securities and Exchange Commission of Pakistan (SECP), Pakistan Stock Exchange (PSX), and Competition Commission of Pakistan.

Sea Link Group, incorporated only in June 2025 in Seychelles with paid-up capital of just $1,000, positions itself as a logistics and freight operator with interests spanning container terminals, shipping, freight forwarding, and transport services.

The group already operates through an extensive network of logistics-linked entities controlled by the Shahid family, including multiple terminal operators, shipping firms, and supply chain companies in Pakistan.

If successful, the deal would give Sea Link control of PICT, one of Pakistan’s key container handling assets, listed on PSX since 2003.

The acquisition plan includes 79.71% via agreement with existing major shareholders and 8.43% through public offer. 

Together, the stake crosses the mandatory control threshold under Pakistan’s takeover framework.

Current major shareholders include Innovest Mauritius Limited and Aeolina Investments, which collectively hold nearly 79.7% of the company.

PICT shares closed at Rs38.76 on April 27, 2026, up significantly from a 28-day weighted average of Rs33.09, reflecting rising market anticipation around corporate activity in the port and logistics sector.

The terminal operator posted volatile financials in recent years, swinging from strong profitability earlier in the decade to losses in FY25, amid shifting trade volumes and operational pressures.

The deal faces multiple regulatory checkpoints, including fit-and-proper clearance and competition review, given the concentration of logistics and terminal assets under a single group structure.

Authorities retain the right to block or unwind the transaction if approvals are not granted.

If completed, the acquisition would mark one of the more significant consolidation moves in Pakistan’s port and logistics sector in recent years, potentially reshaping competitive dynamics at a time of shifting regional trade flows and infrastructure investment.

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