MANILA, Philippines - Ports operator International Container Terminal Services Inc. (ICTSI) said its subsidiary has increased its stake in Pakistan International Container Terminal Ltd. to a majority.
In a disclosure to the stock exchange, ICTSI said its indirect wholly-owned subsidiary ICTSI Mauritius Limited purchased a 15.72% stake in PICT owned by Aeolina Investments Limited.
The move will increase ICTSI Mauritius' total direct and indirect ownership in PICT to 63.59%.
PICT is a publicly-listed company in the Karachi Stock Exchange. It owns and operates a container cargo terminal located at the Karachi Port in Pakistan.
Earlier on Friday, ICTSI said it was pulling out of its business in Syria due to the continuing civil war.
ICTSI has pulled out all its Filipino employees prior to the announcement of the pull-out.