The Strategist

DP World delists from Dubai Nasdaq

02/17/2020 - 09:26

One of the world's largest port operators - the emirate DP World - will delist its shares from Nasdaq Dubai, the company said.

"DP World’s parent company, Port and Free Zone World, has offered to acquire a 19.55% stake in DP World, traded on Nasdaq Dubai, returning the company to private ownership," a DP World press release said.

Each share of DP World will be purchased for $ 16.75, which is 29% higher than the price of securities at the close of the market on Sunday, which amounted to $ 13.

Upon completion of the acquisition, DP World will be 100% owned by Port and Free Zone World, which in turn is a subsidiary of Dubai World. It is noted that this will allow DP World to focus on its strategy of moving from a port operator to a provider of integrated logistics services.

DP World first listed on the Dubai International Financial Exchange (DIFX) on November 26, 2007. In 2008, the exchange was renamed Nasdaq. Then, in June 2011, listing on the London Stock Exchange (LSE) followed, but due to weak trading volumes, DP World, after approval by shareholders, delisted with LSE in January 2015.

DP World specializes in port transportation, operates in 40 countries. Head office is located in Dubai. The company employs more than 50 thousand people.