DP World has acquired an additional 23.94% stake in South Korea’s Pusan Newport Company (PNC) from Samsung Corporation.
DP World now owns 66.03% of PNC, which is the largest terminal in the port of Pusan with 5.25m teu capacity.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, commented: “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.