DP World proposes share consolidation
DP World is to pitch a one for 20 share consolidation to shareholders at its annual meeting on 11 May.
The Board believes the move will “better position DP World’s share price alongside global companies with an earnings per share ratio that better reflects the value of the company”.
If approved, holders of shares will each receive one New Ordinary Share of $2.00 for every 20 existing ordinary shares of $0.10 each at the commencement of trading on Thursday 19 May 2011.
DP World’s year end results to 31 December 2010 showed a 9% increase in revenue to $3,078m, a 35% growth in profit to $450 million and a dividend per share increase of 5%.
DP World chairman Sultan Ahmed Bin Sulayem said: “2010 saw a return to volume growth across almost all our terminals, albeit with different growth rates across regions. We saw both rapid recovery in global trade in those markets most affected by the decline in container volumes in 2009, and a return to more modest growth in those markets which showed resilience during 2009.
“Almost all of our container terminals around the world are back at or ahead of volumes last seen in 2008 which was a peak year for the global container terminal industry.”
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