{"id":94030,"date":"2025-12-10T18:44:06","date_gmt":"2025-12-10T18:44:06","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/billionaire-backed-firm-signs-deal-with-state-owned-giant"},"modified":"2025-12-10T19:02:58","modified_gmt":"2025-12-10T19:02:58","slug":"billionaire-backed-firm-signs-deal-with-state-owned-giant","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/billionaire-backed-firm-signs-deal-with-state-owned-giant","title":{"rendered":"Billionaire-Backed Firm Signs Deal With State-Owned Giant"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; South-Africa. <\/strong><\/span>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\u2019s top container hub in Durban.<\/p>\n<p>The signing of what Transnet described as South Africa\u2019s 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.<\/p>\n<p>Razon\u2019s firm will spend about R11 billion on its plans.<\/p>\n<p>\u201cThis ground-breaking partnership is a step forward in Transet\u2019s ambition to be among the world\u2019s best ports,\u201d Transnet Chief Executive Officer Michelle Phillips said at a ceremony in Durban on Wednesday.<\/p>\n<p>The agreement marks the biggest attempt yet to bring in private expertise to revive state-owned ports, which rank among the least efficient globally, according to the World Bank.<\/p>\n<p>Pier 2 handles about 70% of Durban port\u2019s total throughput and more than 40% of South Africa\u2019s container volumes, Phillips said.<\/p>\n<p>The introduction of new technology and equipment is expected to increase Pier 2\u2019s capacity by 40% to 2.8 million twenty-foot equivalent units, while improving gross crane moves per hour to 28 from 18, and doubling ship working hours to 120, the company said in an emailed statement.<\/p>\n<p>\u201cThese improvements are envisaged to reduce logistics costs and improve service quality, thus broadening market access and attracting new volumes,\u201d it said.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">South-Africa<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. 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\u2019s top container hub in Durban. The signing of what Transnet described as South Africa\u2019s first port-privatization deal comes two years after the [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":94029,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[275],"class_list":["post-94030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Billionaire-Backed Firm Signs Deal With State-Owned Giant - South Africa<\/title>\n<meta name=\"description\" content=\"South African port and logistics firm Transnet SOC Ltd. signed a concession agreement with a company headed by Filipino ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/billionaire-backed-firm-signs-deal-with-state-owned-giant\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Billionaire-Backed Firm Signs Deal With State-Owned Giant\" \/>\n<meta property=\"og:description\" content=\"South African port and logistics firm Transnet SOC Ltd. signed a concession agreement with a company headed by Filipino ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/billionaire-backed-firm-signs-deal-with-state-owned-giant\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-10T18:44:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-10T19:02:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2025\/12\/sm_1765380755.497699.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1536\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/billionaire-backed-firm-signs-deal-with-state-owned-giant#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/billionaire-backed-firm-signs-deal-with-state-owned-giant\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Billionaire-Backed Firm Signs Deal With State-Owned Giant\",\"datePublished\":\"2025-12-10T18:44:06+00:00\",\"dateModified\":\"2025-12-10T19:02:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/billionaire-backed-firm-signs-deal-with-state-owned-giant\"},\"wordCount\":252,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/billionaire-backed-firm-signs-deal-with-state-owned-giant#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2025\/12\/sm_1765380755.497699.jpg\",\"keywords\":[\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/billionaire-backed-firm-signs-deal-with-state-owned-giant#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/billionaire-backed-firm-signs-deal-with-state-owned-giant\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/billionaire-backed-firm-signs-deal-with-state-owned-giant\",\"name\":\"Billionaire-Backed Firm Signs Deal With State-Owned Giant - 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