THE closing date for ICTSI Far East’s offer to acquire all issued and paid-up ordinary shares in Singapore-listed Portek International Limited has been extended to August 10, 2011 from July 20, 2011, according to a Portek announcement at the Singapore Stock Exchange.
The development comes after Mitsui & Co, Ltd challenged the voluntary conditional cash offer of ICTSI Far East, a subsidiary of Philippine-based International Container Terminal Services Inc. The Japanese company is offering to pay a total of S$221 million or S$1.40 per share of Portek, 17% more than ICTSI’s offer of S$1.20 each.
In another development, Mitsui increased its shares in Portek to 14.16% from 5.61%, following a series of transactions made on July 14-15, 2011. Mitsui now holds 21,611,000 shares of Portek from the previous 8,554,000.
Mitsui earlier claimed Portek’s founders had already agreed to sell 51.3% of their outstanding shares.
Mitsui seeks to develop an effective logistics infrastructure and logistics network mainly in emerging countries, including Asia, Central America, South America and Africa.
The Portek Group operates and manages a portfolio of seven medium-sized container and multi-purpose terminals in Indonesia, Algeria, Malta and Gabon and a dry port in Rwanda.
