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Sat 31 May 2008 04:13 PM

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DP World share buy-back approved

Shareholders give thumbs up after hearing chairman say stock performance 'disappointing'.

Shareholders of DP World has approved a share buy-back after hearing the company chairman say the stock's performance was "disappointing".

A shareholders' meeting approved the buy-back, which comes after the expiry of a 180-day lock-up following the company's initial public offering (IPO) in November, DP World said in a statement.

"Our share price performance has been disappointing; global financial markets have been very volatile and as a global company, we are impacted as are other global companies when markets fall," Chairman Sultan Ahmed bin Sulayem was quoted as telling the meeting.

Bin Sulayem said a 52% profit growth in 2007 to $419.7 million was proof of the strength of the company, one of the world's largest container port operators.

DP World's shares closed up 1.01% on Friday at 99 US cents on the Dubai International Financial Exchange (DIFX). The stock has fallen 18.85% this year.

DP World is part of state-owned conglomerate Dubai World. (Reuters)

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