DP World plans London listing, aims to join FTSE 100
Source: BI-ME , Author: BI-ME staff
Posted: Sun March 7, 2010 11:50 am

UAE. DP World is aiming to become a member of the FTSE 100 Index of shares as part of a plan to sell new equity on the London Stock Exchange The National reported, citing senior sources at the company.

"DP World is examining a strategy to place new shares with a simultaneous rights issue and a sale of some of the controlling 77% stake held by its parent company, Dubai World, the newspaper said adding that such a move "would open the stock to wider international interest by institutional investors".

DP World, the port operator whose parent Dubai World is restructuring debt, said in a January statement it will seek a dual listing on the London Stock Exchange as the company tries to boost investor perception of its value.

“We will seek admission for listing in the second quarter of 2010,” the statement said. DP World also said it conducted an “extensive” review with advisers and shareholders before making the decision.

The cash-raising exercise, which would increase liquidity and raise the free float of equity, is aimed ultimately at making DP World a member of the FTSE 100 Index, the leading London share indicator.

"Depending on which method is chosen for the capital expansion, about US$1 billion  of new money could be raised for DP World and its parent," The National said.

Membership of the FTSE 100 Index is dependent on market capitalisation, size of free float and potential traded turnover of shares.

With that level of free float and current market value of US$6.72 biilion, DP World would comfortably satisfy the criteria for FTSE 100 inclusion.

The plan is independent of Dubai World’s restructuring of US$26 billion of debt being negotiated between the company, its financial and trade creditors, and the governments of Dubai and Abu Dhabi according to the report.

DP World surged to a three-week high on Sunday following The National's report, climbing 6.2% in early trading to US$0.43, its highest level since February 14.
 
The Dubai government-controlled company’s container volume fell 6% in the three months ended September 30, it said in October. Nine-month container volume declined 8%.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 1, 2014
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
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SAUDI ARABIA. Consumer spending also remained robust; Non-oil exports rebound owing to greater production of petrochemicals and plastics.
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INTERNATIONAL. Oil markets since 2011 have become less price sensitive to actual supply disruptions, especially to those geopolitical events that have taken place since the Arab Spring.
UAE. The Middle East's top brands have grown by an average of 38%, according to The Brand Finance Middle East 50; This brings the total value of the top 50 above US$50 billion for the first time; Emirates holds the top spot and remains far ahead of the rest.
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