A.P. Moller Capital announced on Thursday 15 October an agreement with Mitsui & Co. to acquire the entirety of Portek International, a Singapore-based operator with port activities in Algeria and Gabon.
The deal is backed by its Emerging Markets Infrastructure Fund II. Completion remains subject to competition approvals and other third-party agreements, the acquirer said in its press release.
The scope includes stakes in seven terminals across six countries. Besides Algeria and Gabon, Portek has operations in Indonesia, Latvia, Malta and Vietnam. The envisaged change of shareholder therefore concerns an international portfolio, not only its African activities.
In Béjaïa, Portek operates the container terminal under a joint venture with the local port company, according to the presentation of its activities. In Gabon, it is involved in managing ports and maritime services in Owendo and Port-Gentil through a subsidiary.
Founded in 1988, the group combines terminal operations with engineering and maintenance services for port equipment, with operations notably from Singapore and Indonesia.
A.P. Moller Capital says Portek as a whole employs around 1,400 people and handles each year some 7 million tonnes of bulk cargo, 700,000 containers and 90,000 vehicles. These volumes cover the group's international activities.