DP World to delist quickly from Nasdaq Dubai
DP World is to become a private company and delist its shares. DP World’s parent company Port and Free Zone World has offered to acquire the 19.55% of DP World’s shares traded on Nasdaq Dubai, returning the company to private ownership.
Chairman Sultan bin Sulayem commented the move, saying: "Returning to private ownership will free DP World from the demands of the public market for short-term returns that are incompatible with this industry."
DP World’s initial public offering on what is now the Nasdaq Dubai exchange dates back about 13 years. In recent years, the company has made a series of acquisitions as part of its strategy to become the world’s front-runner in end-to-end logistics, including Unifeeder, P&O Ferries, Continental Warehousing and Topaz Energy & Marine.
Beyond running ports and terminals across Europe, Asia, the Americas, Africa and Australia, DP World now also provides logistics services on land and sea. The operator has grown to become the fifth-largest handler of container volumes in the world. (mw)