Karachi July 20 2023: Pakistan International Container Terminal (PICT) is committed to conducting a transparent assessment of its options, carefully considering all relevant factors to determine the most appropriate path forward.
In furtherance of the Company’s earlier disclosures made from time to time, including but not limited to note 2.3 of the annual audited financial statements of the Company for the year ended December 31, 2022, as well as the material information disclosures made by the Company on June 13, 2023 and July 7, 2023, the Company wishes to clarify that as already known, understood and duly disclosed, the Concession Agreement for Berths 6 to 9 held by the Company (“Concession Agreement”) expired on June 17, 2023 and that the concession premises has been taken over by Karachi Port Trust (“KPT”) on June 18, 2023. We further understand that KPT has already granted a new concession in respect of the same to Abu Dhabi Ports.
Having said the above, our stakeholders are informed that while the Concession Agreement has expired, the handing over procedure is quite complex and the Company is actively engaged with KPT to ensure a seamless transition including handing over concession assets, settlement of balances etc.
While the terminal operated by the Company pursuant to the Concession Agreement was its key operational asset, the Company is committed to conducting a transparent assessment of its options, carefully considering all relevant factors to determine the most appropriate path forward. This evaluation includes an examination of market conditions, the competitive environment and the overall economic outlook in Pakistan. Based on these assessments, the Company will make a duly considered and informed decision regarding its future direction. Given that process is already underway, as and when a formal decision is taken in this respect, the Company will make an appropriate disclosure in accordance with applicable laws.
