Dubai giant ups stake for majority share in Korean port

DUBAI — Dubai-based port operator DP World said Thursday it has acquired an additional 23.94 per cent stake in South Korea’s Pusan NewPort Company (PNC), giving it a majority shareholding.

The purchase from Samsung Corporation brings to 66.03 per cent DP World’s stake in PNC, which operates the largest terminal at the port of Pusan, the company said in a statement.

“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,” DP World Chairman Sultan Ahmed Bin Sulayem said in the statement. 

PNC is a joint venture led by DP World together with Samsung, Hanjin Heavy Industries and Construction and a number of other Korean construction companies.

It commenced operations in 2006.

The port is situated on the southeastern tip of the Korean Peninsula and is South Korea’s leading port city and gateway to the Pacific Ocean.

DP World operates 77 marine and inland terminals across six continents, with container handling being its core business.

In 2015, it shipped 61.7 million TEU, 20-foot equivalent units used to measure containers, across its portfolio.