DP World increases stake in South Korea’s Pusan Newport Company
DP World has acquired an additional 23.94 percent stake in Pusan Newport Company (PNC) in South Korea from Samsung Corporation
Dec 30, 2016: DP World has acquired an additional 23.94 percent stake in Pusan Newport Company (PNC) in South Korea from Samsung Corporation & Subsidiaries.
With this, DP World’s holding in PNC has increased to 66.03 percent. The terms of the transaction, however, remain undisclosed.
PNC is the largest terminal in the port of Pusan with 5.25 million TEU capacity, handling 34 percent of the new port volumes.
The New Port of Pusan began operations in 2006, and operates 23 container berths connecting to 500 ports in 100 countries. Overall, the Port of Pusan is the sixth largest port worldwide with volumes of 19.5million TEU in 2015 and accounts for approximately 75 percent of total container volumes in South Korea.
Sultan Ahmed Bin Sulayem, Group chairman and CEO, DP World, said, “We are delighted to announce the increase of our stake in Pusan Newport Company Limited, which is the largest terminal in the port of Pusan and a major gateway hub of Northeast Asia. We expect the port of Pusan to remain an important part of our global network and this investment further underlines our commitment to South Korea.”