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DP World to list shares on London exchange June 1 - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – Shares in DP World, the third largest ports operator in the world, will begin trading on the London Stock Exchange on June 1, a company statement said on Wednesday, as the firm seeks to boost liquidity.

DP World – considered one of the more profitable units of debt-laden Dubai World said in April that it planned for a one-for-20 share consolidation to put its share price more on a par with global companies.

“It is anticipated that, subject to the approval of the UK Listing Authority, the first day of trading will be Wednesday 1 June 2011,” the statement said. At the time of writing, a copy of the prospectus had not yet been published.

The port operator said its consolidated volume growth in the first quarter was 7.5 percent, adding that its gross volumes were up by 12 percent.

DP World has said its free float would remain unchanged at 19.55 percent. The consolidation will reduce the number of issued shares to 830 million from 16.6 billion. Citi and Deutsche Bank are joint sponsors to DP World while HSBC is the company’s financial advisor.

Shares in DP World, listed on Nasdaq Dubai, ended 1.8 percent lower on Wednesday.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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