One of South Africa’s biggest ports will be partly owned and operated by a private international company.
Africa’s biggest harbour will be partly owned and operated by the Philippines’ International Container Terminal Services, a first for South Africa’s national ports company.
Almost three-quarters of the freight volume moved through the eastern port goes through the terminal and it accounts for 46% of South Africa’s total port traffic, according to state logistics company, Transnet. South Africa is seeking to boost private participation in its ports, the poor performance of which is a drag on the economy. In a 2021 World Bank index of container port performance, Durban ranked 364th out of 370 and two other Transnet ports were in the bottom 10.
ICTSI, whose chairman and chief executive officer is Filipino billionaire Enrique Razon, will make an “up front” payment to Transnet for the stake, the South African company said in a response to queries, declining to give a figure. Razon is a major shareholder in ICTSI.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
These great South African companies share one thing in commonThere is one thing that South Africa’s leading businesses have in common – they advertise on MyBroadband.
Read more »
South Africa: Manhunt Launched After Siege at South African Police BuildingA manhunt for at least 12 individuals has been launched following an attempted robbery at a police station in Pretoria on Sunday, July 17, SowetanLive reports.
Read more »
One Polokwane official claims nearly R100k for overtime in one month | City PressA municipal official in the City of Polokwane claimed and received an overtime payment of R92 000 in just one month. This startling revelation is part of the ongoing process to cleanse the municipality of corruption.
Read more »
South Africa’s Putin problem just got a lot more messy: reportRussia reverses its stance on attending the BRICS summit hosted in South Africa.
Read more »
South Africans have their eyes on Dubai – here’s how much it costs to live thereAs more South Africans look for investments abroad – Dubai’s property market has caught the attention of some.
Read more »