Portek International

Some background info.
Several years ago, Portek sold its terminal in Makasar to ICT. Portek also provides services to ICT's terminals.

(02-06-2011, 08:40 AM)portuser Wrote: ICT does not have an in-house engineering arm.

http://philippinesfreepress.com.ph/2011/...e-at-mict/

So far (as of 4:16P.M.), 18.937m shares - close to 12.2% of the potential total max. 155.352m shares - have been transacted today, mostly at the GO price $1.20. Who is the main buyer, I wonder? It doesn't look like it is ICTSI or HSBC buying on the company's behalf; if so, the buyer should be queuing at $1.20 with a large 'BUY' order. If the main buyer is some other party(ies), this GO is going to be interesting! We should be able to know soon?!
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At the close today (2Jun11), a total of 19.36m shares - or 12.46% of the potential total max. 155.352m shares - were done, with last done price at $1.20. There was a deal at 15:56:07 in which someone bought 50,000 shares at $1.21. Interesting!

Wonder who bid 50 lots @1.21 ? One bid higher than 'GO'.

GO announcement informed of ICTSI's % holding in Portek shares close to 4.82%..if they were the buyer today, then 5% substantial shareholding threshold & announcement should be made?

HSBC, acting for and on behalf of ICTSI, was the main buyer yesterday (2Jun11) for 18.195m shares (out of the total 19.36m shares transacted).....
http://info.sgx.com/webcoranncatth.nsf/V...3007ED8F0/$file/20110603DealingsDisclosure.pdf?openelement

With yesterday's aggressive purchase, ICTSI now owns/controls 24.445m shares, or 16.93% (based on 150,273,960 issued shares as at 31May11) of Portek.

From the 1st para above, we can also derive that the remaining 1.165m Portek shares transacted yesterday were bought by some other parties. Interesting!

Why is Lam Soon Onn selling in the open market?

http://info.sgx.com/webcoranncatth.nsf/V...8003278D3/$file/Portek-Rule-12-Announcement-Mr-Lam-Soon-Ong-07-06-2011.pdf?openelement

(07-06-2011, 10:06 PM)cif5000 Wrote: Why is Lam Soon Onn selling in the open market?

To pay for a new Benz E200 which he booked some time ago? The extra profit from the GO means that there is now no need for him to take a loan for the car!

ICTSI bought 18m Portek shares on 2 Jun, after trading resumed, and has stopped buying since then, even though the share has been changing hand below the offer price of $1.20.

.

Portek and its Chairman/MD Larry Lam are now talking to an interested white knight to come out with an alternative GO or counter bid to ICTSI's.....
http://info.sgx.com/webcoranncatth.nsf/V...90000DBAD/$file/Portek-Ann_of_discussions_08-06-2011.pdf?openelement
Let's hope the white knight comes sitting on a stallion with a good pedigree!