South Africa Signs Port Deal With Billionaire Razon’s ICTSI

South African port and logistics firm Transnet signed a concession agreement with a company headed by Filipino billionaire Enrique Razon to expand the main terminal at the continent’s top container hub in Durban.

The signing of South Africa’s first port-privatisation deal comes two years after Transnet awarded International Container Terminal Services the right to buy almost half of Container Terminal Pier 2 and manage the facility for 25 years. Razon’s firm will spend about R11 billion on its plans.

Transnet CEO Michelle Phillips. Image: Supplied