South Africa Signs Port Deal With Billionaire Razon’s ICTSI

South African port and logistics firm Transnet SOC Ltd. 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 what Transnet described as South Africa’s first port-privatization deal comes two years after the company awarded International Container Terminal Services Inc. the right to buy almost half of Container Terminal Pier 2 and manage the facility for 25 years. Razon’s firm will spend about 11 billion rand ($647 million) on its plans.