Philippines-based port operator and developer International Container Terminal Services Inc. has said it has formally withdrawn its offer to acquire Portek International Ltd, which runs Valletta Gateway Terminals, after Japanese firm Mitsui and Co. acquired a majority stake in the Singapore-listed company over the weekend.

This means that Mitsui and Co. will now be responsible for Valletta Gateway Terminals operations at Grand Harbour.

Portek operates and manages seven medium-sized container and multi-purpose terminals in Indonesia, Algeria, Malta and Gabon, and a dry port in Rwanda.

The Japanese firm acquired 24,000 shares at SD1.40 each, according to Nomura Singapore Ltd, which advised Mitsui on the transaction, on 5 August.

This brought to 63.9 per cent the total number of shares “owned, controlled or agreed to be acquired” by Mitsui.

On 28 July, Mitsui & Co. acquired 35,466,638 shares of Portek’s biggest shareholder Lam Choon Seng and 27,000,000 shares of DBS Nominees Pte Ltd, for the account of Lam Family Holdings Ltd.

ICTSI, which owned 16.8 per cent of Portek as of 16 June 2011, was trying to buy controlling stakes to strengthen its overseas portfolio in port operations.

Mitsui launched its $180 million bid for Portek in early June, making an offer 17 per cent higher than that made by ICTSI.