ICTSI sell Portek shares to Mitsui & Co Limited

30 Aug 2011 - Port Planning

• ICTSI sell shares in Portek to Mitsui & Co Limited for SGD 35.6 million

• ICTSI received payment for 25.445 million shares from Mitsui representing around 17% of the port operator

International Container Terminal Services Inc (ICTSI), the Manila-based port management company, has announced that it has sold it shares in Portek International Limited for SGD 35.6 million to Mitsui & Co Limited.

ICTSI has recieved payment for its 25.445 million shares from Mitsui, which represents around 17 percent of the Singaporean port operator.

The shares were previously held by ICTSI Far East Limited, the Phillipine port operator's Far East unit.

Earlier this month ICTSI pulled out of its bid for Portek after Mitsui offered a superior bid of SGS 1.4 a share compared to the SGS 1.2 a piece offered by ICTSI, as reported by PTI.

Portek currently operates containerised and terminal facilities in Indonesia, Algeria, Malta, Gabon and Rwanda.

Portek will now be delisted form the Singaporean Stock Exchange once the compulsory acquisition of remaining shares is completed, report the Manila standard.

Portek commented that, "upon completion of the compulsory acquisition, Portek will become a wholly owned subsidiary and will be de listed from the official list of the SGX-ST."