Dubai-headquartered port operator DP World has increased its share in the South Korean Port of Busan’s Pusan Newport Company Limited (PNC) to 66.03%.
The transaction, the terms of which were not disclosed, included the acquisition of a 23.94% stake in the facility from the South Korean Samsung Corporation & Subsidiaries.
PNC, which is the largest terminal at the Port of Busan, has a capacity of 5.25m teu per year, handling approximately 34% of the port’s volumes.
The port, which began operations in 2006, accounts for about 75% of total container volumes in South Korea.
The Port of Busan, which has a total of 23 container berths, is currently the world’s sixth largest port, with a total container throughput of 19.5m teu last year.