Dubai: DP World, the global ports operator, said on Thursday its shareholders have approved its delisting plan from the London Stock Exchange, and acquisition of Economic Zones World (EZW), owner of the Jebel Ali Free Zone.
The assent was granted at a meeting on Thursday, with the proposals received near-unanimous support from independent shareholders, DP World said in a statement.
“The integration of DP World and EZW will reinforce our leadership in the high-growth Middle East region and enhance our integrated port and logistics offering to customers by optimising investment,” said Sultan Ahmad Bin Sulayem, Chairman of DP World.
It is anticipated that the EZW transaction will be completed during the second quarter of 2015.
The delisting is expected to take place on January 21, 2015 from when shares will only be traded on Nasdaq Dubai, where it is already listed,
In the first nine months of 2014, DP World’s terminals in the UAE handled 11.4 million TEUs (twenty-foot equivalent container units), representing a growth of 12.6 per cent year-on-year. Yet another new record was achieved with 4 million TEUs handled in the third quarter.
The board also approved the confirmation of the appointment of Mark Russell as an independent non-executive director, who was appointed to the board from August 11.
DP World has a portfolio of more than 65 marine terminals across six continents, including new developments underway in India, Africa, Europe, and the Middle East.
Container handling is the company’s core business and generates more than three quarters of its revenue. In 2013, DP World handled 55 million TEUs. With its committed pipeline of developments and expansions, capacity is expected to rise to more than 100 million TEU by 2020, in line with market demand.
