Sea Link targets PICT stake
MG News | May 05, 2026 at 11:23 AM GMT+05:00
May 05, 2026 (MLN): Sea Link Group Limited, alongside its
associates including Euroasia Terminal (Pvt.) Limited, has officially declared a
public offer to acquire shares of Pakistan International Container TerminalLimited (PSX:PICT).
The manager to the
offer, KTrade Securities Limited, detailed out the acquisition which is of up
to 9,201,852 ordinary shares.
This proposed transaction represents approximately 8.43%
of the target company's total issued share capital.
This public offer is the culmination of a prior Share
Purchase Agreement where the acquirers bought 100% of Innovest Mauritius
Limited from ICTSI Limited for a consideration of $200,000.
Through this agreement, the acquirers cumulatively
secured 87,003,949 shares, giving them a dominant 79.71% controlling stake in
Pakistan International Container Terminal Limited.
The target company, which previously operated a port
terminal in Karachi, saw its concession expire in 2023.
Since that expiration, it has suffered a marked decline
in its asset base and business operations, possessing no real footprint in any
relevant market.
Consequently, Sea Link Group Limited is acquiring the
entity primarily as a shell company against a token consideration, with plans
to use it as a listed vehicle to raise capital for future acquisitions and
business expansions.
The public offer price has been fixed at Rs42.13 per
share, justified by the target company's weighted average share price on the
securities exchange over the 180 days leading up to the public announcement.
Assuming eligible shareholders fully accept the offer,
the acquirers will pay a total consideration of Rs387,674,025.
KTrade Securities
Limited confirmed that adequate financial arrangements have been deposited to
fulfill these obligations.
The acceptance period for shareholders wishing to tender
their shares will run from 0900 hours on Tuesday, June 23, 2026, until 1700
hours on Monday, June 29, 2026.
|
Transaction
Detail |
Specification |
|
Target
Company |
Pakistan
International Container Terminal Limited |
|
Acquirer |
Sea
Link Group Limited & Associates |
|
Manager
to the Offer |
KTrade
Securities Limited |
|
Shares
to be Acquired (Public Offer) |
9,201,852
shares |
|
Percentage
of Capital (Public Offer) |
8.43% |
|
Offer
Price |
PKR
42.13 per share |
|
Total
Consideration |
PKR
387,674,025 |
|
Prior
SPA Stake |
79.71%
(87,003,949 shares) |
|
Acceptance
Period |
June
23, 2026 – June 29, 2026 |
The aforementioned information was disseminated through a
notification to Exchange.
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