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DP World to list in London

City A.M. Reporter
PORTS operator DP World, a unit of conglomerate Dubai World, said yesterday shareholders approved an amendment allowing the firm to seek a listing in London.

Voting results from the firm’s annual general meeting on Monday were released in a statement to the Nasdaq Dubai bourse.

DP World, whose parent company is in the middle of a $26bn (£16.8bn) debt restructuring, also said shareholders voted in favour of a buyback proposal for a “limited number” of ordinary shares. It did not give a specific figure.

The firm, which is not included in Dubai World’s restructuring plan, is one of the largest port operators in the world and is 77 per cent owned by the state-linked conglomerate. It posted a rise in first-quarter container volumes and forecast improved earnings for the year, partly on cost cuts.

The ports operator has been seeking a London listing. Last month, DP World’s chief executive Mohammed Sharaf said the London listing is not to raise additional capital but to provide additional liquidity.