DP World Launches IPO To Float 20% Stake

by Lorys Charalambous, Tax-News.com, Cyprus

24 October 2007

It emerged at the weekend that UAE-based global marine terminal operator, DP World, has applied for its shares to be admitted to the official list of securities of the Dubai International Financial Exchange, and to list its shares on the DIFX.

Per E. Larsson, Chief Executive Officer of Borse Dubai and of the DIFX announced on Sunday that:

"Today’s application to list from the world’s fourth largest marine terminal operator, DP World, underlines the stature of the DIFX as both a regional and international hub for investors. It also provides further support for our strategy of international expansion."

He continued:

"Our world class trading platform will help DP World access the regional investment base, estimated to have $US3 trillion in available liquidity*, and the local retail investor base, as well as the international capital markets."

"It also reflects the excellent international, independent legal and regulatory platform which has been established in the form of the DIFC and DFSA."

"We fully expect a number of local and regional companies to apply for listings on the DIFX and DFM. This will further fuel the growth of Borse Dubai and continue to bolster its significant attractions as a route to local and international capital markets."

Around 20% of DP World's shares are expected to be sold in the IPO, which will take place between November 4-15. The full value of the initial public offering has not yet been disclosed, although more details are expected ahead of its launch.

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