DP World London listing on 1 June

Monday, 30 May 2011 00:24 - - {{hitsCtrl.values.hits}}

Shares in DP World, the third largest ports operator in the world, will begin trading on the London Stock Exchange on 1 June, 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 per cent, adding that its gross volumes were up by 12 per cent.

DP World has said its free float would remain unchanged at 19.55 per cent. 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 per cent lower on Wednesday. – Reuters

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.