International Container Terminal Services Inc has sold its shares in Portek International Limited to Mitsui & Co Limited for SGD 35.6 million.

ICTSI told the Philippine Stock Exchange that it received Mitsui’s payment for its 25.445 million shares in Portek, equivalent to about 17% of the Singaporean port operator. The shares were held by the Philippine port operator's unit ICTSI Far East Limited.

ICTSI early this month gave up its bid to acquire Portek following the superior bid from the Japanese company. ICTSI in June 2011 announced its plan to fully acquire the remaining shares of Portek at SGD 1.20 apiece. However, Mitsui in July launched a bid to buy Portek shares at SGD 1.4 apiece or a 17% premium over ICTSI's offer.

Portek, listed in Singapore exchange, operates and manages eight medium sized container and multipurpose terminals in Indonesia, Algeria, Malta and Gabon and a dry port in Rwanda.

The port operator asked Singapore Exchange Securities Trading Limited to be de listed from the Singaporean bourse once the compulsory acquisition of remaining Portek shares was completed.

The Singaporean port operator said 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."

ICTSI operates and develops 22 marine terminals and port projects in 17 countries worldwide, while Mitsui owns and operates infrastructure businesses such as electric power, water treatment and supply and transportation logistics in America, Europe, the Middle East, Africa and Asia Pacific.

(Sourced from www.manilastandardtoday.com)