Jun 02 2011 |
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DP World gets premium LSE listing, a first for Dubai-based companies
Thursday, Jun 02, 2011
Gulf News
Dubai: DP World became the first Dubai-based company to obtain a premium listing on the London Stock Exchange (LSE) yesterday.
The ports operator, which is also listed on Nasdaq Dubai , debuted on the LSE with its stock priced at 830 pence (Dh50.01) per share.
The company gained to as much as 880 pence in intra-day trading before slipping back later in the session. Around 477,100 DP World shares changed hands by 6pm UAE time.
“There was no new capital raised as part of the listing on the London Stock Exchange. The aim is to provide an additional platform to invest in DP World shares to help attract a broader range of investors,” the statement added.
“DP World’s London listing will not have much impact on the local markets,” said Matthew Wakeman, Managing Director of Cash and Equity Linked Trading at EFG Hermes. “It is a remote listing and not on one of the UK’s main indexes.”
DP World , a unit of the state-backed conglomerate Dubai World, made a net profit of $450 million (Dh1.6 billion) in 2010. The company said the 35 per cent jump in profits from $333 million in 2009 was due to increased trading volumes and improved terminal efficiencies.
Revenues for the year grew nine per cent to $3.1 billion, up from $2.8 billion in 2009. Consolidated throughput was up nine per cent to 27.8 million TEU (twenty-foot equivalent units).
By Kevin Scott, Staff Reporter
© Gulf News 2011. All rights reserved.
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