By Claire Ferris-Lay
State-backed ports operator hopes to boost investor appetite following dual listing
DP World, the government-owned ports operator, will list its shares on the London Stock Exchange at the end of May or early June, the company said Wednesday.
The Dubai-based firm, one of the more profitable assets of debt-laden Dubai World, said gross volumes handled at its 49 terminals rose 12 percent in the first quarter on the back of growth from the UAE, Africa and the Americas.
“Subject to completion of the UKLA admission process, we remain on track to list on the London Stock Exchange around the end of May or early June,” Mohammed Sharaf, CEO of DP World, said in a statement to Nasdaq Dubai.
The company, the world’s third largest port operator, raised $4.96bn in the Middle East’s biggest initial public offering in November 2007 and trades on Nasdaq Dubai.
Last year it said it would seek a dual listing on the London bourse in a bid to boost investor appetite.
In April, the company sold its stake in P&O Trans Australia (POTA) to its partner in the firm, Qube Logistics, in a deal valued at AS106m.
The company in December agreed to sell 75 percent of its Australian operations to Citi Infrastructure Investors for $1.5bn, in a bid to reduce net debt.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.