Manila's ICTSI to acquire Singapore's Portek International

ICTSI Far East Pte, an indirect wholly-owned subsidiary of Manila's, International Container Terminal Services Inc (ICTSI), has made an undisclosed voluntary conditional cash offer for all issued and paid-up ordinary shares in Singapore's Portek International Limited.


Portek is a turnkey port services and solutions provider as well as an operator of container terminals of up to 350,000 TEU and multipurpose ports in Indonesia, Algeria and Malta.


"Our offer represents an attractive proposition to Portek shareholders to realise the value of their investment in cash and at a substantial premium to the historical traded prices of the shares. We strongly believe that the offer reflects the value of the combined business and management of the Portek and ICTSI," said ICTSI chairman and president Enrique Razon.


The company said in a statement that the acquisition of Portek is in line with ICTSI's strategy to expanding its network of port concessions, adding to its global network of 22 port terminals in 17 countries.


In the event that the bidder becomes entitled to exercise the right of compulsory acquisition, the bidder intends to exercise that right, and in such event, Portek will become a wholly-owned subsidiary of the bidder, the statement said.
(Source:http://www.schednet.com)