Abu Dhabi: DP World said on Thursday it had acquired an additional 23.94 per cent stake in Pusan Newport Company Limited (PNC) in South Korea from Samsung Corporation & Subsidiaries to increase its holding in PNC to 66.03 per cent.
The terms of the transaction are undisclosed, the ports operator said in a statement.
“Pusan Newport Company Limited 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,” stated Sultan Ahmad Bin Sulayem, Group Chairman and CEO, DP World.
PNC is the largest terminal in the port of Pusan with 5.25m TEUs (twenty-foot equivalent units) capacity, handling 34 per cent of the new port volumes. The Port of Pusan began operations in 2006, and operates 23 container berths connecting to 500 ports in 100 countries. Overall, it is the sixth largest port worldwide with volumes of 19.5m TEUs in 2015, accounting for approximately 75 per cent of total container volumes in South Korea.
DP World, on the other hand, has a portfolio of 77 operating marine and inland terminals supported by over 50 related businesses in 40 countries with a significant presence in both high-growth and mature markets. Last year, it handled 61.7 million TEUs across its portfolio.
