Major Japanese trading house Mitsui & Co. said on Thursday it completed a tender offer as part of a $179 million acquisition of Portek International, a Singapore-based international port operator.
Mitsui’s acquisition of Portek International is part of the company's effort to expand its logistics business in emerging economies in Asia, Latin America and Africa.
Mitsui said it has so far acquired a total of 151,240,848, or 99.12 percent, of outstanding Portek International shares — 128,099,848 shares tendered to the offer, which closed on Wednesday, and the remaining 23,141,000 shares bought via trading on the market.
“Mitsui intends to be proceeding to compulsorily acquire all the remaining shares and to delist Portek International from the Mainboard of the Singapore Exchange Securities Trading by taking all the necessary procedures in accordance with SGX's rules and Singapore regulations,” Mitsui said in a statement.
Mitsui said it expected the procedures to be completed by the end of September.
Portek International operates and manages a portfolio of seven medium-sized container and multi-purpose terminals in Indonesia, Algeria, Malta and Gabon, along with a dry port in Rwanda. The port operator posted group revenue of $104 million and net profit of $12 million on a consolidated basis in the financial year ended on June 30, 2010.
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