DP World increases stake in Pusan Newport Company
The terms of the transaction are undisclosed, with the deal increasing DP World’s holding in PNC to 66.03%
DP World has acquired an additional 23.94% stake in Pusan Newport Company Limited (PNC) in South Korea from Samsung Corporation & Subsidiaries, it announced last week.
The terms of the transaction are undisclosed, with the deal increasing DP World’s holding in PNC to 66.03%.
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.”
The Port of Pusan is the 6th largest port worldwide with volumes of 19.5m TEU in 2015 and accounts for approximately 75% of total container volumes in South Korea.