Under an Implementation Agreement (“IA”) signed with Port Qasim Authority (“PQA”), Pakistan International Bulk Terminal Ltd. (“PIBT” or the “Company”) has been awarded a 33 year concession to develop and operate a multi-purpose terminal on Build-Operate-Transfer (“BOT”) basis at Port Mohammad Bin Qasim in Karachi for handling and storage of non-food dry bulk cargo. Under a phased development, the terminal will be capable of handling total cargo of around 15.7 MTPA along with requisite on-shore storage facilities (the “Project”).

The Project represents Pakistan’s first multi-purpose non-food dry bulk cargo terminal, offering state of the art fully automated handling and storage of clinker, cement and coal in compliance with international environmental and safety standards. The proposed terminal is expected to maintain high level of operational efficiency leading to significant cost savings in handling, storage and transportation of non-food dry bulk cargo. With 3 years of construction time, the Project is expected to be in operation by July 2015.

PIBT was incorporated under the laws of Pakistan in 2010 as a special purpose company to undertake the development and operations of the Project. It was originally organized as a wholly owned subsidiary of Pakistan International Container Terminal Limited (“PICT”), however following reorganization in 2011; PICT transferred its entire shareholding in PIBT to the then shareholders of PICT. As a result, PIBT was converted into a public limited company and is now in the process of listing on the domestic stock exchanges in compliance with local laws and regulations.