In a disclosure made to the stock exchange, both in Manila and in Karachi, ICTSI revealed its intention to purchase outstanding shares at a price of PKR150 per share.
With this new bid, expected to be worth around $95m, ICTSIML wants to gain control of 55% of PICT, which would in effect, make the operator the leading shareholder of PICT.
The bid is being made in pursuant to the 35% of shares already granted to ICTSIML by the existing majority shareholder under an agreement signed back in March.
A report published in the Philippine Daily Inquirer this week says that while the new tender offer would cover all PICT capital stock, ICTSI’s joint venture partner, Premier Mercantile Services, would keep a 40% stake, leaving PICT with “an assumed public float of 5%” on the Karachi stock exchange.
The tender offer is due to expire on October 10.