ICTSI subsidiary seeks to buy Singapore-listed firm Portek
Port operator International Container Terminal Services, Inc. (ICTSI) on Wednesday disclosed a bid of a subsidiary to acquire a Singapore-listed equipment provider and container terminal operator.
In a statement to the Philippine Stock Exchange, ICTSI said its indirect wholly-owned subsidiary ICTSI Far East Pte. Ltd. is offering to acquire all shares of Portek International Limited for 1.20 Singapore dollars per share.
Portek is listed on the Main Board of the Singapore Exchange Securities Trading Limited and is a "turnkey provider of equipment, services and solutions to ports globally, as well as an operator of container terminals of up to 350,000 TEU and multipurpose ports."
The voluntary conditional cash offer for Portek is still subject to regulatory approvals.
"The acquisition of (Portek International) by (ICTSI Far East) is in line with ICTSI's stated strategy to expand its existing network of port concessions," ICTSI said
Portek's operations portfolio includes seven container and multipurpose terminals. It has also recently entered into sales and purchase agreements to acquire a 60-percent stake in an inland cargo handling facility in Rwanda.
ICTSI, its subsidiaries and associated companies own or operate a total of 22 terminal facilities, six of which are in the Philippines.
In a statement to the Philippine Stock Exchange, ICTSI said its indirect wholly-owned subsidiary ICTSI Far East Pte. Ltd. is offering to acquire all shares of Portek International Limited for 1.20 Singapore dollars per share.
Portek is listed on the Main Board of the Singapore Exchange Securities Trading Limited and is a "turnkey provider of equipment, services and solutions to ports globally, as well as an operator of container terminals of up to 350,000 TEU and multipurpose ports."
The voluntary conditional cash offer for Portek is still subject to regulatory approvals.
"The acquisition of (Portek International) by (ICTSI Far East) is in line with ICTSI's stated strategy to expand its existing network of port concessions," ICTSI said
Portek's operations portfolio includes seven container and multipurpose terminals. It has also recently entered into sales and purchase agreements to acquire a 60-percent stake in an inland cargo handling facility in Rwanda.
ICTSI, its subsidiaries and associated companies own or operate a total of 22 terminal facilities, six of which are in the Philippines.