Marine International Container Terminal (Pvt.)

Marine International Container Terminal (Pvt.) Limited ("MICT") was incorporated in 2008 as a terminal operating company. MICT is part of Marine Group of Companies that has been providing shipping logistics and cargo handling services to the trade and industry in Pakistan since 1964. The Marine Group provides container handling services to its clients through Pakistan International Container Terminal Limited ("PICT") and Premier Mercantile Services (Private) Limited ("PMS") at the Karachi Port. PICT is a state-of-the-art container terminal and a public listed company at the Karachi Stock Exchange which handles about 600,000 containers per year at Karachi Port. In order to further move towards the Group's mission of fulfilling all the logistics service requirements of its customers and other importers and exporters, MICT was incorporated which aimed at setting up a container freight station and logistics distribution center in Lahore to cater to the logistics requirement of the industrial center of Punjab. Background The concession agreement with Pakistan Railways was novated to MICT. The aim of novation agreement was to provide high quality services to Marine Group customers and the trade through a dedicated container terminal operator. Against competitive bidding, PMS, the stevedoring service provider of the Marine Group of Companies, was awarded a 35-year Concession to build and operate a dedicated container terminal at the said location. As a result, an Implementation Agreement was entered into by PMS and Pakistan Railways which inter alia detailed the commercial, financial and technical terms of the Concession. The concession agreement with Pakistan Railways was novated to MICT. The aim of novation agreement was to provide high quality services to Marine Group customers and the trade through a dedicated container terminal operator.