The Manila-based port operator offered S$1.20 for each Portek share, valuing the port operator at around S$180 million ($146 million).
ICTSI, with a market value of around $2 billion, said in a stock exchange disclosure its ICTSI Far East Pte Ltd unit made the conditional offer through financial adviser HSBC.
ICTSI Far East owns 4.82 percent of Portek, a turnkey provider of port equipment, services and solutions. Portek's website http://www.portek.com says it also operates and manages ports in Indonesia, Algeria, Malta, Gabon and Rwanda.
ICTSI owns or operates 22 terminal facilities -- six in the Philippines and one each in China, Ecuador, Poland, Brazil, Madagascar, Syria, Georgia, Brunei, Indonesia, Japan, India, Colombia, Argentina, Croatia, Mexico and the United States. (Reuters)
