A subsidiary of International Container Terminal Services, Inc has offered to buy a stake in Singapore port operator Portek International Limited (Portek).
ICTSI Far East Pte Ltd forwarded a voluntary cash offer for ordinary shares in Portek for a premium price of S$1.20 per share.
Listed at the Singapore Exchange, Portek is a turnkey port services and solutions provider and operator of container terminals and multipurpose ports.
“Our offer represents an attractive proposition to Portek shareholders to realize the value of their investment in cash and at a substantial premium to the historical traded prices of the shares,” ICTSI chair Enrique Razon said in a statement.
Trading volume of Portek shares has been low historically . From June 1, 2010 to May 31, 2011, the average daily trading volume of approximately 284,162 shares represented only 0.2% of the total shares.
“The acquisition of Portek is in line with ICTSI’s stated strategy to expand its existing network of port concessions, adding to ICTSI’s global network of 22 port terminals in 17 countries,” Razon said.
Portek operates terminals of up to 350,000 twenty-equivalent units. ICTSI, its subsidiaries and associated companies operate some similarly sized terminals. ICTSI’s flagship, the Manila International Container Terminal, has a capacity of 1.9 million TEUs.
ICTSI owns or operates 22 terminal facilities, six in the Philippines and one each in China, Ecuador, Poland, Brazil, Madagascar, Syria, Georgia, Brunei, Indonesia, Japan, India, Colombia, Argentina, Croatia, Mexico and the US.
