DP World returns to private ownership
One of the world’s largest port operators, DP World is delisting from the Nasdaq Dubai and returning to fully private ownership. Following the announcement, the firm’s stock rose 10% to $14.30 in morning trade in the Middle East.
“The DP World Board has concluded that the disadvantages of maintaining a public listing outweigh the benefits. Delisting from Nasdaq Dubai is in the best interest of the company, enabling it to execute its medium to long-term strategy,” Yuvraj Narayan, chief financial of the group stated.
“DP World must be able to continue responding effectively to this rapidly changing landscape and to invest in the future,” said Sultan Ahmed bin Sulayem, DP World’s group chairman and CEO.
Over the recent period, DP World has made a series of acquisitions as part of its strategy to become a leading end-to-end logistics provider, including Unifeeder, P&O Ferries, Continental Warehousing, and Topaz Energy & Marine.