A.P. Moller Capital To Buy Singapore Port Operator Portek

KUALA LUMPUR, Oct 16 (Bernama) -- A.P. Moller Capital, a global institutional fund manager, has agreed to acquire 100 per cent of Singapore-based ports operator Portek International Pte Ltd (Portek) from Japan’s Mitsui & Co Ltd (Mitsui) through its Emerging Markets Infrastructure Fund II (EMIF II).

“Portek is a strong fit with our investment strategy and active owner philosophy. It is an established business with a diversified portfolio of port operations serving important trade flows across three continents, supported by experienced local operating teams,” said A.P. Moller Capital Partner, Semih Gökmen.

A.P. Moller Capital in a statement said the acquisition is aligned with its focus on transport and logistics infrastructure and that it plans to focus on operational performance, governance, safety, capital discipline and environmental performance at Portek after completion.

The deal adds to A.P. Moller Capital’s investments in Philippines-based AC Logistics and Bergé Logistics, which operates in Spain and Latin America, as well as recently signed agreements to acquire majority stakes in Globex Investissement and Euroports.

Portek, founded in 1988, has interests in seven port terminals in Algeria, Gabon, Indonesia, Latvia, Malta and Vietnam, and provides port engineering and operations and maintenance services, mainly from Singapore and Indonesia.

It employs about 1,400 people, and its terminals handle around seven million tonnes of bulk cargo, 700,000 containers and 90,000 vehicles each year.

Financial terms were not disclosed. Completion is subject to customary conditions, including regulatory and third-party approvals.

-- BERNAMA