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DP World ditches LSE flotation
01 Sep 2007
DP World has decided not to go ahead with a $5bn flotation on the London Stock Exchange as a means of funding future expansion and acquisition projects because it believes it will now be cheaper to issue debt.
Instead, the port benchmark bonds valued at $3bn, which will have a 30-year maturity.operator will go ahead with the launch of two benchmark bonds valued at $3bn, which will have a 30-year maturity.
In related news, DP World is to add a further 200 metres of quay at its Brisbane container terminal, bringing the total length to 900 metres by 2009. Within five years, Brisbane is expected to be second only to Melbourne in terms of box throughput.
Meanwhile, at Port Botany, the Australian government has committed itself to improving existing road and rail links to DP World’s container terminal. Once improved infrastructure is in place, the terminal will be able to handle 6m teu.
