DP World votes to delist from LSE and buy Jebel Ali Free Zone

Dubai: Shareholders have voted to back DP World’s decision to delist from the London Stock Exchange on approximately January 21, 2015.

The terminal operator said last month it would maintain its NASDAQ Dubai listing, which is “a sound base” for DP World’s international shareholder base. The group said there is no material benefit in maintaining the London listing.

Votes were also cast in favour of DP World’s acquisition of Economic Zones World FZE (EZW) at the extraordinary general meeting held at Jebel Ali Port, Dubai today.

Last month, DP World and its subsidiary, DP World FZE entered into an agreement to acquire EZW from Port and Free Zone World FZE for a total cash consideration of $2.6bn.

The company expects to complete the acquisition of EZW, which owns the Jebel Ali Free Zone (JAFZA), during the second quarter 2015.

“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," Sultan Ahmed Bin Sulayem, chairman of DP World, said in a statement today.

"It is a compelling strategic move that will allow us to co-ordinate planned expansion, deliver an improved customer proposition, accelerate growth and enhance shareholder value.” [18/12/14]

 

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