Pursuant to the SPA, ICTSIML has made a tender offer at the Karachi Stock Exchange to purchase outstanding shares in PICT at a price of PKR150 per share. The mandatory tender offer was also previously disclosed on August 10, 2012. Likewise under the SPA, the fulfilment of certain conditions, such as clearance from relevant government agencies in Pakistan, issuance of consent from PICT's lenders, fulfilment of certain pre-completion covenants by the selling shareholders, non-occurrence of any material adverse change, determination that the warranties from the selling shareholders are correct in all material respects and compliance with Pakistan Takeover Laws, among others, were required before the purchase of the Tendered Shares can be deemed completed.
ICTSI was informed by ICTSIML today that all of the conditions precedent to completion of the acquisition, as stipulated in the SPA, have been fulfilled. Thus, ICTSIML completed today its acquisition of 35% of the total issued capital of PICT.
PICT is a publicly - listed company in the Karachi Stock Exchange. It is a container cargo terminal located at the Karachi Port in Pakistan. It has a maximum handling capacity of 750,000 Twenty-Foot Equivalent Container Units (TEUs).
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