DP World to delist from Nasdaq Dubai
DP World’s parent company Port and Free Zone World has offered to acquire the 19.55 per cent of DP World’s shares traded on Nasdaq Dubai, returning the company to private ownership, the company said in its release.
The move will enable DP World to focus on its medium-to-long-term strategy of transforming from a global port operator to an infrastructure-led end-to-end logistics provider. Upon successful offer acceptance, DP World will be 100 per cent owned by Port and Free Zone World, which in turn is a wholly-owned subsidiary of Dubai World.
The Board of Directors of Port and Free Zone World and the Independent Directors of DP World have reached agreement on a cash offer for the shares, which the Independent Directors deem to be fair and reasonable. Each DP World share will be acquired at $16.75, representing a 29 per cent premium on the market closing price of $13.00 on Sunday.
DP World remains financially strong, with a healthy balance sheet and a consistent track record of delivering profitability. In recent years, the company has made a series of acquisitions as part of its strategy to become the world’s leading end-to-end logistics provider, including Unifeeder, P&O Ferries, Continental Warehousing, and Topaz Energy & Marine.