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UAE's DP World expands port ownership in South Korea

Xinhua, December 29, 2016 Adjust font size:

Dubai Ports (DP) World, the world's third largest maritime port operator, said here Thursday that it has acquired an additional 23.94 percent stake in Pusan Newport Company Limited (PNC) in South Korea from Samsung Corporation & Subsidiaries for an undisclosed sum.

The move increases DP World's holding in PNC to 66.03 percent, the Nasdaq Dubai listed firm said in a statement.

PNC is the largest terminal in the port of Pusan with 5.25 million TEU (twenty-foot equivalent unit) capacity.

The Port of Pusan, located on the south-eastern coast of the Korean peninsula, is the sixth largest port worldwide, accounting for approximately 75 percent of total container volume in South Korea. Endit