DP World shareholders approve London listing

27 Apr 2010

(MENAFN) DP World, a unit of Dubai World, announced that its shareholders have approved an amendment allowing the firm to seek a listing on the London Stock Exchange (LSE), Reuters reported.

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 percent owned by the state-linked conglomerate.

DP World, whose parent company is in the midst of a $26 billion debt restructuring, also said shareholders voted in favor of a buyback proposal for a limited number of ordinary shares. It did not give a specific figure.

Earlier, DP World reported a rise in first-quarter container volumes and forecast improved earnings for the year, partly on cost cuts.

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