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Portek has a concession to operate the equipment at Terminal 009, which is located at the heart of Tanjung Priok Seaport, the largest port in Indonesia. Photo: Portek

PORTEK INTERNATIONAL has become the latest to be involved in a spate of privatization and takeover offers, the most recent one being Allgreen Properties.

This morning, Portek announced a voluntary conditional cash offer at S$1.20 per share, which represents whopping premiums of 71%, 89% and 111% to 1-month, 3-month and 6-month average closing share prices.

Portek is a turnkey port services and solutions provider as well as an operator of container terminals of up to 350,000 twenty-foot equivalent units (“TEU”) and multipurpose ports.

Manila-based port operator ICTSI Far East, an indirect wholly-owned subsidiary of International Container Terminal Services, Inc, made the voluntary conditional cash offer.

The offeror said the acquisition of Portek is in line with its strategy to expand its existing network of port concessions, adding to ICTSI’s global network of 22 port terminals in 17 countries.

Portek shares started 2011 at 48 cents and last traded at 71 cents prior to a halt in trading this morning.

At $1.20, the business is valued at S$180 million.

Portek's announcement can be accessed here.


 

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Simon Chiu, an executive director of Combine Will, which is based in Dongguan, China, speaking with UOB Kay Hian analysts (Tan Jun Da, left, and Brandon Ng). Photo: Leong Chan Teik



COMBINE WILL is set to become the next Singapore-listed company to achieve a dual listing in South Korea, a milestone that unfortunately brings back memories of the listing of China Gaoxian in January 2011 and its subsequent crash.

A successful dual-listing will enable Combine Will, which designs and manufactures plastic and die-cast products for corporate premiums, collectibles, toys and consumer goods, to win confidence among Singapore investors.

The Korean Exchange has approved its dual-listing application, and Combine Will management expects the prospectus and book building to be completed soon.

The offer price will be determined by the company and Shinyoung Securities, the underwriter for the dual listing, subject to a minimum offer price of S$2.30. The stock closed today at $2.79.

Combine will be issuing 11m newly consolidated shares in the KDR, which represent 25% of the enlarged share capital.

Kim Eng Research yesterday highlighted that the stock currently trades at a relatively undemanding valuation of 4.8x FY11 PER according to Bloomberg estimates.


Recent story: COMBINE WILL: More strong growth to come this year but ....




 

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Teo Hong Lim, executive chairman of Roxy Pacific. Photo: Leong Chan Teik

For the first time, Roxy-Pacific Holdings has won top honours in Singapore for “Best Small Cap Company” category in “Asia’s Best Managed Companies Poll” by FinanceAsia, the authoritative Asia Pacific financial magazine.

Mr Teo Hong Lim, Executive Chairman and CEO of Roxy-Pacific, said: “We are pleased to be alongside other Asia’s top companies and to be recognised and trusted by the investment community as the overall best company in the small cap category. This award acknowledges that the Group has a strong and competent management team that delivers strong results. It also affirms the Group’s commitment to building high standards of transparency, integrity and constant accountability to our stakeholders.”

FinanceAsia’s annual poll, in its 11th year now, scored votes from more than 300 investors and financial analysts across the region.

Companies were evaluated thoroughly on overall management, corporate governance, investor relations and commitment to strong dividend payments before the best managed companies in the region are finally unveiled.

Recent story: ROXY-PACIFIC: Acquiring more land bank for future growth


Comments  

0 #2 Maybel 2011-06-01 05:55
Portek now is about 8.8X PE based on historical EPS. Offeror buying at about 13X, quite generous. Compared to NAV of 46.4 cts, the $1.20 offer is super generous!
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0 #1 6941 2011-06-01 05:51
I don't get it -- how come the offeror see so much value in Portek? The premium to last traded price is so huge and it is also so much higher than NAV.
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