Philippine-based port operator International Container Terminal Services Inc. said Wednesday it has received the S$35.6 million in payment for its 16.9% stake in Portek International Ltd. from Mitsui & Co, Foxbusiness reports. ICTSI sold 25.4 million shares in Portek at $1.40 a share, it said in a statement.
ICTSI had earlier offered to buy out other shareholders in the Singapore-listed port operator at S$1.20 a share, but decided to withdraw its offer after Mitsui made a superior bid at S$1.40 a share.
The Philippine port company acquired its 16.9% stake in Portek at prices ranging from S$1.19 and S$1.20, which is around 11% lower than the price offered by Mitsui.
ICTSI had earlier offered to buy out other shareholders in the Singapore-listed port operator at S$1.20 a share, but decided to withdraw its offer after Mitsui made a superior bid at S$1.40 a share.
The Philippine port company acquired its 16.9% stake in Portek at prices ranging from S$1.19 and S$1.20, which is around 11% lower than the price offered by Mitsui.