Transnet and International Container Terminal Services Inc ICTSI signed a 25-year partnership agreement on Wednesday to operate and upgrade Durban Container Terminal DCT Pier 2.
It marks South Africas first major private-sector involvement in container terminal operations.
The deal, effective from January 1, establishes a new special-purpose vehicle Newco where Transnet Port Terminals TPT holds a 51 majority shareholding, while ICTSI takes 49 and assumes operational responsibility.
