Dubai’s DP World, one of the world’s biggest port operators, said on Monday it had no plans to buy back any of its shares after investors approved a technical measure allowing the company to do so.
“We have no plans for a buy back but this resolution has been included in the notice for the last six years for international best practice reasons and to retain flexibility,” a spokesman for DP World said in an emailed statement.
Earlier on Monday, shareholders approved a proposal to buy back a “limited number” of the company’s shares, according to a bourse filing, which said investors also agreed that any shares bought by the company would be cancelled and its share capital reduced accordingly.
DP World reported a 4.4 percent rise in gross container volumes on a like-for-like basis in the first quarter of 2015.
Its shares closed Monday 1.3 percent higher.
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