DP World has acquired an additional 23.94% stake in Pusan Newport Company Limited (PNC), the largest terminal in the Port of Pusan in South Korea, from Samsung Corporation & Subsidiaries to increase its holding to 66.03%.
The port has a 5.25 million TEU capacity and is the 6th largest worldwide with volumes of 19.5m TEU in 2015. It accounts for approximately 75% of total container volumes in South Korea.
PNC handles 34% of Port of Pusan's volumes. It began operations in 2006 and operates 23 container berths connecting to 500 ports in 100 countries.
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 terms of the transaction are undisclosed.