Transnet 'not selling' asset at Durban, Ngqura ports
Transnet Ports Authority has refuted claims it will be selling 49% of its assets at the terminal in Durban and at the Ngqura Container Terminal in Nelson Mandela Bay.
It says instead, the intention is to create a 25-year special purpose vehicle between Transnet Port Terminals and two winning bidders, whose task it will be to attract much-needed investment and enhanced technology.
READ: R135bn expansion for Durban, Richards Bay ports
Transnet spokesperson Ayanda Shezi says the successful bidders are expected to be announced in February next year.
"Transnet has recently announced the shortlisting of bidders for private sector participation at the container terminals in Durban pier two and Ngqura.
"The intention is to create a 25-year SPV between Transnet port terminals and the winning bidders. There is no sale or disposal of the asset after the 25-year period the terminals will revert fully to Transnet port terminals."
Transnet says this exercise is part of a programme to upgrade the two terminals.
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It will be repositioned in Durban as a gateway hub port and perhaps significant growth in container capacity.
It says the Port of Nqura has been loss-making for a number of years with the bidder expected to bring in additional transshipment.
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