Karachi, July 20, 2023 – Pakistan International Container Terminal Limited (PICT) has announced that it will be making a significant disclosure concerning the assessment of a terminal granted to Abu Dhabi Ports.
The company clarified that the concession agreement for Berths 6 and 9, which was held by PICT, had expired on June 17, 2023. Subsequently, the concession premises were taken over by the Karachi Port Trust (KPT) on June 18, 2023. PICT further revealed that KPT has already granted a new concession to Abu Dhabi Ports for the same terminal.
While the concession agreement has expired, the process of handing over the terminal assets is complex, and PICT is actively engaged with KPT to ensure a smooth transition. This includes the handover of concession assets and the settlement of any outstanding balances.
The terminal operated by PICT under the concession agreement was a crucial operational asset for the company. As PICT evaluates its options, it is committed to conducting a transparent assessment, carefully considering all relevant factors to determine the most appropriate path forward.
The evaluation process will take into account market conditions, the competitive environment, and the overall economic outlook in Pakistan. Based on these assessments, the company will make a well-informed decision about its future direction. As the process is already underway, PICT will make a formal disclosure in accordance with applicable laws once a decision has been reached.
This disclosure is likely to provide stakeholders with vital information about the terminal’s future operations and the potential impact on PICT’s business strategies. As the company navigates through this transition, stakeholders will closely monitor any updates regarding the terminal’s status and its implications for PICT’s operations and financial position.
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