Bloomberg News

ICTSI Makes Offer for Portek to Add Asia, Africa Terminals

June 01, 2011

(Updates with value of offer in first paragraph.)

June 1 (Bloomberg) -- International Container Terminal Services Inc., the largest Philippine port operator, offered to buy the rest of Portek International Ltd. for S$171 million ($139 million) to add terminals in Asia, Africa and Europe.

ICTSI offered S$1.20 a share for Singapore-based Portek, a 69 percent premium to the last traded price, according to a statement today. The Manila-based company and affiliates already own about 5 percent of the terminal operator.

ICTSI jumped 4.5 percent, the biggest gain on the benchmark Manila index, to 52.35 pesos on speculation the deal will pare its reliance on the Philippines, whose economy grew at the slowest pace since 2009 in the first quarter. Portek controls terminals in countries including Indonesia, Algeria, Malta and Gabon, according to the statement.

Portek was suspended from trading in Singapore today. It declined 2.7 percent to S$0.71 yesterday, giving the company a market value of $87 million, according to Bloomberg data. Portek has 150.3 million shares outstanding, according to ICTSI’s statement.

---Editors: Neil Denslow, Terje Langeland

To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus