DP World Increases Stake in PNC Container Terminal
DP World has acquired an additional 23.94% stake in Pusan Newport Company Limited (PNC) in South Korea from Samsung Corporation & Subsidiaries.
The newest investment has raised DP World’s stake in PNC to 66.03%, MANA correspondent reported.
PNC is the largest terminal in the Busan port with 5.25m teu capacity, handling 34% of the new port volumes. The New Port of Busan began operations in 2006, and operates 23 container berths.
“We are delighted to announce the increase of our stake in Pusan Newport Company Limited, which is the largest terminal in the port of Busan and a major gateway hub of Northeast Asia. We expect the port of Busan to remain an important part of our global network and this investment further underlines our commitment to South Korea,” commented Ahmed Bin Sulayem, group chairman and ceo, DP World.
Overall, the port of Busan is the sixth largest port worldwide with throughput of 19.5m teu in 2015 and accounts for approximately 75% of total container volumes in South Korea.