Philippine firm bids for Singapore port player

MANILA, Philippines—Philippine port handler International Container Terminal Services said Wednesday it has offered to buy Singapore’s Portek International for 180.5 million Singapore dollars (US$146 million).

The listed Filipino firm, which already owns 4.82 percent of the Singapore port services company through a subsidiary, said the offer would be withdrawn in the event Singapore regulators put the proposed takeover under review.

The Manila port operator said in a disclosure statement that its Singapore unit, ICTSI Far East Pte. Ltd., has offered 1.20 Singapore dollars in cash for each Portek share it does not already own.

Listed Portek operates seven container- and other terminals in Indonesia, Algeria, Malta and Gabon and has recently agreed to acquire a majority stake in an inland cargo handling facility in Rwanda, the disclosure statement said.

The Filipino firm’s shares were 4.49 percent up at 52.35 pesos (US$1.21 or 1.49 Singapore dollars) in late trading at the Manila Stock Exchange on Wednesday.