International Container Terminal Services Inc., the port operations business of billionaire Enrique Razon, said Tuesday it was informed by Pakistani authorities that its container terminal concession in Karachi will revert to the port authority from June 17.
ICTSI said Pakistan International Container Terminal, an indirect subsidiary, has offered operations and management services to Karachi Port Trust if needed after June 16, 2023.
It added that PICT will evaluate its right of first refusal when the terminal is tendered for a new term. All non-concession assets including equipment and information technology systems will remain property of PICT.
PICT handles around 85 percent of the Arabian/Persian Gulf market, including industrial scrap.
In the first quarter, PICT suffered from a decline in trade activities in Pakistan due to a severe economic crisis.
