South Africa’s (SA) Transnet Port Terminal has unveiled billions of Rands partnership with a Philippines-based port operator, International Container Services Incorporated.
The new private-public partnership will see the cargo handling company owning a 49% stake in the Durban, KwaZulu-Natal Province, container terminal, while Transnet will remain the majority shareholder with 51%.
The agreement was officially signed today after years of deliberations.
The Durban container terminal Pier two is the country’s largest container facility, with a capacity of over-two million twenty foot equivalent units.
Over 160 markets worldwide utilise this facility.
Challenges of congestion and inefficiencies have led to massive financial losses and poor performance.
In an effort to address such challenges, Transnet has partnered with an International terminal operator,.
–SABC–
