Dubai's DP World increases stake at South Korea's Busan port

AP News
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Posted: Dec 29, 2016 4:41 AM

DUBAI, United Arab Emirates (AP) — Dubai-based port operator DP World says it has increased its stake in a company operating out of South Korea's Busan port.

DP World said Thursday it purchased an additional 23.94-percent stake in Pusan Newport Co. Ltd. from Samsung Corp. & Subsidiaries. It said that put DP World's overall stake in the company to 66.03 percent.

The operator did not disclose financial terms of the deal, which involves the largest terminal at Busan. The company uses a different transliteration for its name.

South Korea's Yonhap news agency, quoting an anonymous source, put the value at the deal at close to 300 billion won ($249 million).

DP World ranks among the world's largest port operators. The government-backed firm has business at over 70 terminals in 40 countries around the world.