Dubai’s DP World raises stake in Pusan Newport Company Limited (PNC) in South Korea

Dubai’s DP World raises stake in world’s sixth largest port. Port operator says it has acquired additional 23.94% interest in Pusan Newport Company Limited in South Korea.

DP World on Thursday announced that it has acquired an additional 23.94 percent stake in Pusan Newport Company Limited (PNC) in South Korea from Samsung Corporation & Subsidiaries
DP World on Thursday announced that it has acquired an additional 23.94 percent stake in Pusan Newport Company Limited (PNC) in South Korea from Samsung Corporation & Subsidiaries

This increases DP World’s holding in PNC to 66.03 percent, the Dubai-based port operator said in a statement, adding that the terms of the transaction were undisclosed.  PNC is the largest terminal in the port of Pusan with 5.25m 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 19.5m 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.” In October, DP World said it handled 47.5 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during the first nine months of 2016.

The company said that gross container volumes grew by 2.2 percent on a reported basis, and up 1 percent on a like-for-like basis.Its European and Indian subcontinent terminals continued to deliver a robust performance, while conditions in Australia and Latin America remained challenging.