A.P. Moller-Maersk A/S said a successful rival bidder fell short of tender requirements as it seeks to overturn the award of a concession to run and expand sub-Saharan Africa’s biggest container port to Filipino billionaire Enrique Razon’s harbour firm.
Copenhagen-based Maersk argued in court papers that International Container Terminal Services Inc. didn’t meet a stipulated solvency measure when it last year won the tender held by South Africa’s state-owned Transnet SOC Ltd. It was given the right to buy almost half of the main container terminal in the southeastern city of Durban and operate it for 25 years.
Based on 2021 financial statements, the total equity divided by total assets of ICTSI was 0.24, it said. “Transnet believes that it followed due process in appointing the preferred partner for its Durban Container Terminal Pier 2, and will allow the legal process to take its course,” the company said.
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