Dubai: DP World said on Wednesday that it will list its shares on the London Stock Exchange (LSE).
"The board of DP World has decided to seek a premium listing on the London Stock Exchange whilst maintaining the existing primary listing on Nasdaq Dubai.
"It is currently envisaged that we will seek admission for listing in the second quarter of 2010," the company said in an emailed statement.
The Middle East's largest port operator said in March that it would evaluate options to address "continued disappointment" with its valuation on the Dubai market. "The company is trading at a substantial discount to its international peers," said Rami Sidani, who manages $250 million (Dh917.5 million) as head of Middle East and North Africa at Schroder Investment Management Ltd. in Dubai.
"This move means more visibility for the company, as well as greater credibility as an international player."
Top four
DP World is the fourth-largest port operator, behind Hong Kong's Hutchison Port Holdings Ltd., Singapore's PSA International Pte. and A.P. Moeller-Maersk. Copenhagen-based Maersk rose 30 per cent last year and has a market value of more than $31 billion.
Meanwhile the port operator announced on Tuesday the start of work to build London Gateway, the £1.5 billion (Dh8.92 billion) deepsea port and logistics park near Thurrock in Essex.
The project is expected to create 36,000 jobs in the UK.
The project is set to transform how product distribution works in much of the UK because it will allow goods to be landed far nearer than before.
