ICTSI launches cash offer for Portek International

Enrique K. Razon Jr., chairman and president of ICTSI said, “Our offer represents an attractive proposition to Portek shareholders to realise the value of their investment in cash and at a substantial premium to the historical traded prices of the Shares. We strongly believe that the offer reflects the value of the combined business and management of Portek and ICTSI.”

The acquisition of Portek is in line with ICTSI’s strategy to expand its existing network of port concessions, adding to ICTSI’s global network of 22 port terminals in 17 countries.

Portek, which is listed on the Singapore Stock Exchange, is a turnkey port services and solutions provider as well as an operator of container terminals of up to 350,000 teu capacity and multipurpose ports, while ICTSI operates similar sized terminals as well as medium sized terminals and its flagship Manila terminal which has a 1.9m teu capacity.