Court ruling delays Durban Container Port revamp
THE revamp of Durban's container port has been delayed after the preferred bidder, International Container Terminal Services Inc (ICTSI), lost its appeal against a court decision halting the partial privatization of the terminal, reports Johannesburg's Moneyweb.
The Durban High Court dismissed ICTSI's appeal this week, upholding an earlier ruling from October that prevents Transnet from proceeding with the deal.
Under the proposed agreement, ICTSI would acquire a 49 per cent stake in the Durban Container Terminal Pier 2, while Transnet would retain the majority share.
ICTSI described the court's refusal to grant leave to appeal as "a missed opportunity to rectify errors" in the October judgment.
The Filipino port operator will now have to wait until March 2025, when the matter will next be heard, to determine whether it can take over the management of the terminal.
source:Schednet
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