Port operator Portek International will delist from the Singapore stock exchangefollowing the takeover bid by Japan's Mitsui, Seatrade Asia online reports. The Singapore Exchange said last Wednesday that it did not object to the delisting of Portek. The date of the delisting has yet to be announced.
As at 18 August 2011, Mitsui has acquired approximately 148m shares of Portek, representing 97.04% of the company's equity.
The Japanese firm will purchase the remaining shares at the offer price of S$1.40 per share, beating a previous offer of S$1.20 per share by Philippine-based ICTSI.
Portek, which gained listing in Singapore in 2002, operates and manages seven terminals in Indonesia, Algeria, Gabon, and Malta.
As at 18 August 2011, Mitsui has acquired approximately 148m shares of Portek, representing 97.04% of the company's equity.
The Japanese firm will purchase the remaining shares at the offer price of S$1.40 per share, beating a previous offer of S$1.20 per share by Philippine-based ICTSI.
Portek, which gained listing in Singapore in 2002, operates and manages seven terminals in Indonesia, Algeria, Gabon, and Malta.