Dubai Giant Ups Stake For Majority Share In Korean Port
Umer Jamshaid Published December 29, 2016 | 08:05 PM
DUBAI, , (APP - UrduPoint / Pakistan Point News - 29th Dec, 2016 ) - Dubai-based port operator DP World said Thursday it has acquired an additional 23.94 percent stake in South Korea's Pusan NewPort Company, giving it a majority shareholding.
The purchase from samsung Corporation brings to 66.03 percent 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.
Related Topics
Recent Stories
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
More Stories From World
-
Migrant boat capsizes off Djibouti leaving 21 dead
3 hours ago -
Tesla profits tumble 55% as EV sales under pressure
3 hours ago -
Talks on global plastic treaty begin in Canada
4 hours ago -
Migrant deportations loom after parliament passes UK-Rwanda plan
4 hours ago -
Macron in last-ditch bid to halt EU vote battering
4 hours ago -
Ukraine moves to bring military-aged men home to fight
5 hours ago
-
Asia hit hardest by climate change, extreme weather: UN weather agency
5 hours ago -
Muscles and masterpieces: Louvre offers Olympic sport sessions
5 hours ago -
Migrant boat capsizes off Djibouti leaving 16 dead
5 hours ago -
UK Rwanda law sparks fear among migrants hoping to cross Channel
8 hours ago -
China issues highest-level rainstorm warning after deadly floods
8 hours ago -
UK's Sunak announces raised defence spending, new Ukraine aid
8 hours ago