By Firouz Sedarat
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)