A.P. Moller Capital did not disclose the deal value. Completion remains subject to customary closing conditions, including regulatory and other third-party approvals, the company said in a statement last Thursday.

Portek holds terminal interests in Algeria, Gabon, Indonesia, Latvia, Malta and Vietnam. It also provides port engineering, operations and maintenance services, mainly from Singapore and Indonesia.

The firm employs around 1,400 people across its operations and headquarters. Its terminals handle about seven million tons of bulk cargo, 700,000 containers, and 90,000 vehicles annually.

The acquisition gives A.P. Moller Capital exposure to fast-growing cargo markets, including Vietnam, where Portek indirectly holds a stake in the operator of Vietnam International Container Terminal (VICT) in Tan Thuan ward, Ho Chi Minh City.

Portek owns 49% of Singapore-based Mitorient Holding, a joint venture between Singapore's NOL Group and Mitsui & Co. VICT is run by First Logistics Development Co (JV) Company (FLDC), a joint venture between Mitorient and Vietnamese state-owned logistics and transport company Southern Waterborne Transport Corporation (SOWATCO).

Under a previously disclosed ownership structure, Mitorient held 63% of FLDC, while SOWATCO owned the remaining 37%.

In March 2026, SOWATCO approved a plan to spend up to VND227 billion ($8.77 million) to acquire an additional 33% stake in FLDC from its Singaporean partner. The proposed transaction would raise SOWATCO’s ownership to 70%, giving it control of the port operator.

However, at its April 2026 annual general meeting, SOWATCO management said negotiations between the two sides had continued for six years without a deal, as they had yet to agree on the transfer terms. There has been no confirmation that the proposed acquisition has been completed.

VICT began operations in 1998 and is known as Vietnam’s first dedicated container port. Located next to Tan Thuan Export Processing Zone in HCMC, the 20-hectare facility has 678 meters of quay and a designed annual capacity of 600,000 TEUs.