Danish investment manager A.P. Moller Capital has agreed to buy Singapore-based port operator Portek International from Japan’s Mitsui & Co., adding terminal interests in Indonesia and Vietnam to its logistics portfolio.
Announced on 15 October, the agreement covers all shares in Portek. The acquisition will be made through A.P. Moller Capital’s Emerging Markets Infrastructure Fund II.
The purchase price was not disclosed. Completion remains subject to regulatory and other third-party approvals.
Founded in 1988, Portek has interests in seven port terminals across six countries. Besides Indonesia and Vietnam, its terminal portfolio spans Algeria, Gabon, Latvia and Malta.
The group employs around 1,400 people across its headquarters and operations. Its terminals handle approximately 700,000 containers, seven million tonnes of bulk cargo and 90,000 vehicles annually, according to the announcement.
Engineering operations in Southeast Asia
Portek also provides port engineering, operations and maintenance services, mainly from Singapore and Indonesia. These activities form part of the business covered by the acquisition agreement.
A.P. Moller Capital said it plans to work with Portek’s management and local operating teams after completion. Its priorities include improving operations, safety and environmental performance, including planning to reduce emissions.
The proposed acquisition adds to the Danish investment manager’s existing interests in Southeast Asian logistics. Its portfolio already includes Philippines-based AC Logistics.
For Portek, the agreement would bring its terminal and engineering businesses under a new owner, while completion depends on the outstanding approvals.
Source: A.P. Moller Capital
