Philippines’ International Container Terminal Services (ICTSI) has announced that it will extend the closing date of the offer document on its voluntary conditional cash offer for Singapore-listed port operator Portek to Aug 10. The offer was to have lapsed yesterday.
In a statement released on the Singapore Exchange website, ICTSI is said to be “still evaluating its options”. This is in light of the recent offer made by Japan’s Mitsui & Co this month of S$1.40 per share for Portek. This bettered ICTSI’s offer early last month of S$1.20 per share.