Karachi: Pakistan International Container Terminal (PICT) engaged in providing container terminal management services said it is carefully assessing options amid expiry of concession agreement with Karachi Port Trust (KPT). Agreement ended on June 17. Company, subsidiary of ICTSI Mauritius Limited stated this in notice to Pakistan Stock Exchange (PSX).

"Company wishes to clarify concession agreement for berths 6 to 9 held by company expired on June 17, 2023 and that concession premises have been taken over by KPT on June 18, 2023. "We further understand that KPT has already granted new concession in respect of same to Abu Dhabi Ports.

"Having said above, our stakeholders are informed that while concession agreement has expired, handing over procedure is quite complex and company is actively engaged with KPT to ensure seamless transition including handing over concession assets, settlement of balances etc," read notice.

Meanwhile, PICT stated that terminal it operated pursuant to concession agreement was its key operational asset and it remains committed to conducting transparent assessment of its options, carefully considering all relevant factors to determine most appropriate path forward.