Dubai's DP World postpones listing on London exchange

28th June 2010, Comments 0 comments

Major global ports operator DP World, majority-owned by Dubai's troubled Dubai World conglomerate, said on Monday that it has postponed plans to list shares on the London Stock Exchange.

"The Board has decided to postpone the listing process until an acceptable system that supports the dual listing is available," DP World said in a statement.

However, the ports operator, which said it "remains committed" to seeking a London listing, will wait to seek admission "following the publication of Audited Financials for the year ending 31st December 2010."

DP World already has shares listed on the Nasdaq Dubai exchange. On January 6, it announced its intention to seek listing on the London market also.

In March the company announced a 46.3-percent slide in 2009 profits compared with the previous year, saying, however, that the earnings were still better than expected.

DP World, one of the largest marine ports operators in the world, is a subsidiary of debt-ridden Dubai World which is negotiating with creditors a final plan to restructure 23.5 billion dollars of debt.

DP World operates 49 terminals in 31 countries, including Dubai's Jebel Ali port, the largest container port in the Middle East.

In 2009, DP World handled more than 43.4 million TEU (twenty-foot equivalent) container units across its portfolio from the Americas to Asia.

Last year, it opened two new developments, at Doraleh in Djibouti and Ho Chi Minh City (formerly Saigon) in Vietnam, and also completed the expansion of its flagship terminal at Jebel Ali.

© 2010 AFP

0 Comments To This Article