Portek operates and manages ports in Indonesia, Algeria, Malta, Gabon and Rwanda.
Japanese trading house Mitsui & Co said on Wednesday it had an agreement to acquire majority control of Singapore’s Portek International after launching a S$221 million ($180 million) bid for the port operator.
Portek operates and manages ports in Indonesia, Algeria, Malta, Gabon and Rwanda. The deal is yet another instance of Japanese companies expanding overseas after the March earthquake and tapping into rapidly growing Asian and African markets.
But Kim Eng Securities noted that ICTSI already controlled about 17 percent of Portek and the battle for control need not have ended.