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.
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