DP World postpones London listing
DP World, the world's fourth-largest container terminal operator, postponed the dual listing of its shares on the London Stock Exchange, citing delays in merging two local stock exchanges in its home market in Dubai.
"The board has decided to postpone the listing until an acceptable system that supports the dual listing is available," the company said in a statement.
DP World said in January it planned to list in London to boost liquidity and "address continued disappointment" with its valuation on the Dubai market.
The company said it hoped to list in London, via sterling depositary interests, as soon as the second quarter of 2010.
A planned merger of Nasdaq Dubai, where DP World is listed, with the Dubai Financial Market has reportedly run into technical problems.
DP World, which is majority-owned by Dubai World, the financially troubled state-affiliated holding company, will wait until the two markets have aligned their trading systems before it lists in London.
The next opportunity for a London listing will be after the publication of its 2010 audited results next March.
DP World opted to list its stock in London after it failed to sell a stake to a regional private equity company, reported to be Abraaj Capital. The company is said to have offered around $1.5 billion for 15 percent of DP World's equity.
Dubai World raised approximately $5 billion in 2007 when it sold 20 percent of DP World in what was the biggest initial public offering in the Middle East at the time.
Dubai World, which retains a 77 percent stake in DP World, is attempting to restructure $23.5 billion in debt.
DP World, one of Dubai World's most profitable assets, is not included in the group's restructuring plan.
Dubai World's planned sale of Inchcape Shipping Services was blown off course last week amid reports prospective buyers pulled out of bidding after learning of a U.S. Department of Justice investigation of the marine services company that is valued at around $800 million.
"The board has decided to postpone the listing until an acceptable system that supports the dual listing is available," the company said in a statement.
DP World said in January it planned to list in London to boost liquidity and "address continued disappointment" with its valuation on the Dubai market.
The company said it hoped to list in London, via sterling depositary interests, as soon as the second quarter of 2010.
A planned merger of Nasdaq Dubai, where DP World is listed, with the Dubai Financial Market has reportedly run into technical problems.
DP World, which is majority-owned by Dubai World, the financially troubled state-affiliated holding company, will wait until the two markets have aligned their trading systems before it lists in London.
The next opportunity for a London listing will be after the publication of its 2010 audited results next March.
DP World opted to list its stock in London after it failed to sell a stake to a regional private equity company, reported to be Abraaj Capital. The company is said to have offered around $1.5 billion for 15 percent of DP World's equity.
Dubai World raised approximately $5 billion in 2007 when it sold 20 percent of DP World in what was the biggest initial public offering in the Middle East at the time.
Dubai World, which retains a 77 percent stake in DP World, is attempting to restructure $23.5 billion in debt.
DP World, one of Dubai World's most profitable assets, is not included in the group's restructuring plan.
Dubai World's planned sale of Inchcape Shipping Services was blown off course last week amid reports prospective buyers pulled out of bidding after learning of a U.S. Department of Justice investigation of the marine services company that is valued at around $800 million.