Economy
Dubai’s DP World To Delist And Return To Full-State Ownership
One of the world’s largest port operators is set to delist and return to full state ownership in a deal valuing the company at US$13.9 billion.
Port and Free Zone World, the parent company and a wholly-owned subsidiary of state investment vehicle Dubai World, will acquire the 19.55 per cent of DP World’s shares listed on Nasdaq Dubai, according to a Reuters report. Port and Free Zone World already owns 80.45% of the ordinary share capital of the port operator.
A stock filing said that each listed share will be US$16.75, a 28.8 per cent premium on Sunday’s closing price of US$13 a share.
Chairman Sultan Ahmed bin Sulayem was quoted as saying that the port operator is delisting to focus on its medium-to-long-term strategy and free it from “the demands of the public market for short term returns which are incompatible with this industry.”
Last week, the port operator, which was valued at US $4.96 billion when it listed on Nasdaq Dubai in 2007, also announced that it had agreed to acquire a majority 51 per cent stake in the TIS Container Terminal in the Port of Yuzhny, Ukraine, subject to the satisfaction of certain conditions, including regulatory approval.
The acquisition is part of DP World’s objective to develop data-driven integrated logistics solutions for moving cargo from the point of manufacture to the final destination, deploying technology to remove inefficiencies in the supply chain, and focusing on fast-growing markets and key trade routes.
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