DP World to delay listing in London
By Adam Schreck |
June 29, 2010, Tuesday
|
Print Edition
Print Edition
THE global port operator controlled by Dubai World yesterday delayed a months-old plan to list its shares on the London Stock Exchange because of the pending merger of the Gulf city's own stock markets.
DP World, the world's fourth-largest ocean cargo handler, said it remains committed to pursuing the London plan, but is waiting until "an acceptable system" is in place to support a secondary listing.
The stock is already listed on the Nasdaq Dubai, one of two stock exchanges in the Middle East financial hub.
DP World executives are disappointed with the stock's performance on that exchange, which has struggled to gain significant interest from investors. It is in the process of merging with the city's other bourse, the Dubai Financial Market.
DP World announced plans to seek a London listing in January. Listing shares there would increase the company's visibility among international investors and potentially create extra liquidity, making the shares easier to trade.
It has not said whether it would issue additional stock - a move that would directly pump new funds into the company.
A DP World spokeswoman said the port operator chose to hold off on the London listing until the two Dubai markets are able to link up and test their joint trading platform. That will give DP World time to ensure the trading platform is secure and syncs with the one in London, she said.
DP World does not expect to pursue a London listing until sometime next spring, the spokeswoman said. She spoke on condition of anonymity in line with company policy. "It just seemed to us to be sensible to delay until spring," she said. "We'll have fully audited results by that stage for 2010."
DP World operates 49 cargo terminals on six continents and typically releases its full-year results in late March.
DP World, the world's fourth-largest ocean cargo handler, said it remains committed to pursuing the London plan, but is waiting until "an acceptable system" is in place to support a secondary listing.
The stock is already listed on the Nasdaq Dubai, one of two stock exchanges in the Middle East financial hub.
DP World executives are disappointed with the stock's performance on that exchange, which has struggled to gain significant interest from investors. It is in the process of merging with the city's other bourse, the Dubai Financial Market.
DP World announced plans to seek a London listing in January. Listing shares there would increase the company's visibility among international investors and potentially create extra liquidity, making the shares easier to trade.
It has not said whether it would issue additional stock - a move that would directly pump new funds into the company.
A DP World spokeswoman said the port operator chose to hold off on the London listing until the two Dubai markets are able to link up and test their joint trading platform. That will give DP World time to ensure the trading platform is secure and syncs with the one in London, she said.
DP World does not expect to pursue a London listing until sometime next spring, the spokeswoman said. She spoke on condition of anonymity in line with company policy. "It just seemed to us to be sensible to delay until spring," she said. "We'll have fully audited results by that stage for 2010."
DP World operates 49 cargo terminals on six continents and typically releases its full-year results in late March.
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