Philippine terminal operator ICTSI offered to buy all the shares of Portek International, a Singapore-based investment holding company that operates medium-sized container and multipurpose ports, for approximately US$146 million, according to the Philippine Star’s website.
ICTSI, through wholly-owned unit ICTSI Far East, already owns around 4.82 percent of Portek. It has made a voluntary conditional cash offer to acquire each share for US$0.974, which represents a 69 percent premium on Portek’s closing share price of US$0.576.
ICTSI said the offer is in line with its strategy to expand its existing network of port concessions. It negotiated a 25-year lease on Terminal 6 in the Port of Portland, Ore. last August.
Portek is a turnkey provider of equipment, services and solutions to ports globally and an operator of container terminals of up to 350,000 20-feet equivalent units and multi-purpose ports.
Its terminal operations portfolio includes seven container and multi-purpose terminals in Indonesia, Algeria, Malta and Gabon.
Portek has also recently entered into sales and purchase agreements to acquire a 60 percent stake in an inland cargo handling facility in Rwanda.