DP World meets regular coupon, profit obligations

Dubai: DP World, a subsidiary of Dubai World, said it had paid regular coupon and profit obligations tied to a sukuk and a bond issue on time.

The ports operator, one of the largest in the world, and listed on Nasdaq Dubai, said it had distributed profit for the 180-day period on its $1.5 billion (Dh5.5 billion) sukuk issue due in 2017, according to a statement on the bourse website yesterday.

Coupon payment

The profit rate was 6.25 per cent for a payout of $46.9 million.

DP World, which is not part of its parent's debt restructuring plans, also said it had completed a coupon payment of $59.9 million for the period ending December 31, 2009 on a $1.75-billion bond issue due in 2037.

Standstill

Dubai World on Nov-ember 25 requested a standstill on its debts. Dubai World is expected to pitch a formal standstill proposal on its debt payments to creditors this month, while it comes up with a restructuring plan.

The conglomerate has already moved to ringfence its profitable assets, and said that its debt restructuring excludes firms on a "stable financial footing" such as DP World, Istithmar World, and Jebel Ali Freezone.

The DP World statement coincided with the high-profile inauguration of the world's tallest tower, Burj Khalifa, as the emirate pursues efforts to bolster investor sentiment.