Mitsui & Co., Japan’s second-largest trading company, plans to offer about $221 million for Portek International to expand its logistics business in emerging economies.

Mitsui intends to pay $1.40 apiece for all Portek shares, 17% higher than a June 22 offer for $1.20 each made by International Container Terminal Services Inc. of the Philippines, according to a statement to the Singapore stock exchange. A Portek founder has agreed to sell 51.3% of shares to the Tokyo-based company, according to the statement.

Buying Portek, which operates port terminals in Indonesia and some African countries, would help Mitsui expand its cargo loading and unloading facilities business in emerging markets. The Japanese group, which has almost 400 major subsidiaries including energy, materials, food and infrastructure companies, aims to increase Portek’s efficiency, the statement said.

 

Portek gained as much as 6.4% to a record $1.405 in Singapore before trading was halted at 10:15 a.m. pending an announcement with the stock at $1.400.

 

International Container Terminal is studying its options “to determine what’s best for our shareholders,” Rafael Consing, treasurer at the Manila-based company, said in a phone interview. An International Container Terminal unit owns 16.7% of Portek, according to data compiled by Bloomberg.

 

Mitsui doesn’t own shares in Portek, according to a statement by Nomura Holdings Inc., which is advising the Japanese company on the deal.

 

Portek, which also makes port cranes, reported net income of $7.26 million in the six months ended Dec. 31, 21% more than a year earlier. Sales climbed 4.4% to $65.7 million. The company handled 392,000 20-foot containers in the first July-December period, 0.5% more than a year ago.

 

Mitsui gained as much as 2.4% to 1,437 yen ($22.1) and traded at 1,435 yen as of the 11 a.m. trading break in Tokyo. International Container Terminal gained 0.6% to 54 pesos as of 10:43 a.m. in Manila.